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APM Automotive Holdings Berhad (the “Company”) informs that a new business entity with the name of APM Auto Components (USA), Inc., has been incorporated in the State of New Jersey, USA on 18 March 2010.
APM Auto Components (USA), Inc., has been incorporated for the purpose of conducting a business of warehousing, distribution and marketing of automotive parts in the United States. It has an authority to issue 3,000 shares of common stock without a par value and will issue and sell 1,000 shares of common stock to APM Automotive International Ltd, the wholly-owned investment holding company of the Company for a consideration of USD500,000.00.
Further, the Company informs that APM Components (USA), Inc., a 100% owned subsidiary of the Company’s wholly-owned investment holding company, Auto Parts Holdings Sdn Bhd, has been dissolved effective 8 March 2010.
APM Components (USA), Inc., which was incorporated in the State of Delaware on 7 September 2001, has been inactive since 2007. As there is no new business plans for this corporation, it has been dissolved to save on administrative expenses.
Both the incorporation and dissolution of subsidiaries will have no material effect on the earnings and net assets of the Company for financial year ending 31 December 2010 and none of the directors or major shareholders or persons connected with them, has an interest direct or indirect in the corporate actions. |
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