Naim Holdings incorporates new subsidiary in Fiji

KUALA LUMPUR: Main board-listed property counter Naim Holdings Bhd on Feb 12 said its wholly-owned subsidiary, Naim Overseas Sdn Bhd (NOSB) acquired 999,999 ordinary shares of F$1 (RM1.75) each representing 99.9999% of the issued share capital of Naim Quarry (Fiji) Ltd formerly known as Naim Cendera Quarry Ltd, a company incorporated under the Companies Act of Fiji for a cash consideration of F$2.

Naim said in a statement to Bursa Malaysia that the acquired company was incorporated on Nov 25, 2008 under the Companies Act of Fiji and has not commenced operations.

It has a capital of F$1,000,000 divided into 1,000,000 shares of F$1 each, the statement said.

Naim Quarry is 99.9999% owned by wholly-owned subsidiary NOSB whilst the balance 0.0001% of one share only is owned by Chong Lipe Hwat, a director of Naim’s subsidiary, Aktif Majusama Sdn. Bhd.

Naim maintains that the acquisition will not have any effect on Naim’s share capital, substantial shareholders’ shareholdings, earnings and net assets for the financial year ended Dec 31, 2010.