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Brem Holdings acquires 49% stake in Topaz Teguh

KUALA LUMPUR: Brem Holdings Bhd has acquired a 49% stake in Topaz Teguh Sdn Bhd for RM1.2 million.

The 49% stake, which represents 1.9 million shares, was acquired by Brem Holdings’ unit Naga Istimewa Sdn Bhd from Hong Wey Sports Business Co Ltd, the company said in a filing to Bursa Malaysia on Thursday April 1. The acquisition will be financed through internal funds.

The acquisition has rendered Topaz Teguh as an associate company of Brem’s.  The remaining stake is held by is Brem Leisure Sdn Bhd, with the ultimate holding company being Brem Properties Sdn Bhd.

Topaz Teguh was incorporated on July 14, 2006 as operators of bowling and snooker centres. It is currently operating at Brem Mall, Kepong, Kuala Lumpur.

The present authorised share capital of Topaz Teguh is RM5 million divided into 5 million shares of RM1 each of which 3.88 million shares have been issued and fully paid-up.

The immediate holding company of TTSB is Brem Leisure Sdn Bhd which holds 51% direct equity interest in TTSB,

Based on the audited financial statements of Topaz Teguh for the financial year ended March 31, 2009, its net assets and net loss amounted to RM3 million and RM747,845 respectively.
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