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MWE forms JV with Shinco to operate textile manufacturing plant
09
May '11
The Board of Directors of MWE Holdings Berhad (“MWE” or “the Company”) is pleased to announce that United Sweethearts Garment Sdn Bhd (“USG”) its wholly-owned subsidiary has on 9 May 2011 entered into the Shareholders' Agreement with Shinco Enterprise Corp. (“SHINCO”).

USG and SHINCO agree to incorporate a joint venture company named “Sun Meridian Global Ltd” to engage in the business of operating a textile and apparel manufacturing plant in Indonesia (hereinafter referred to as “the Proposed Joint Venture”).

USG is a private limited company incorporated in Malaysia with its registered office situated at 30.02, 30th Floor, Menara Multi-Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur. The authorised share capital of USG is RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each. The total issued capital of USG is 4,000,000 ordinary shares of RM1.00 each and the paid-up share capital of USG is RM4,000,000.00.

USG is involved in the manufacture and sale of garments.

SHINCO is a company incorporated in the British Virgin Islands on 6 April 2005 with its registered office situated at Suite 1707, Tower 1, The Gateway, Canto Road, Tsim Sha Tsui, Kowloon, Hong Kong. The present authorised share capital of SHINCO is USD50,000 comprising 50,000 ordinary shares of USD1.00 each of which 3 ordinary shares of USD1.00 each have been issued and fully paid-up.

The present principal activities of SHINCO are investment and trading.

The salient terms of the Shareholders Agreement are as follows:-

(i) The Agreement dictates the relationship of the parties and regulates the covenants, rights, responsibilities and obligations of the parties with regards to the formation and running of “Sun Meridian Global Ltd” (“Sun Meridian”);

(ii) The authorised share capital of Sun Meridian shall be USD50,000.00 divided into 50,000 ordinary shares of USD1.00 each and the amount of the share capital of Sun Meridian of which Sun Meridian shall issue and allot to each of the parties.

(iii) The Board of Sun Meridian shall comprise eight (8) directors where four (4) directors to be appointed by USG and four (4) directors to be appointed by SHINCO.

The Proposed Joint Venture is not expected to have any material effect on the group earnings for the financial year ending 31 December 2011. However, it is expected to contribute positively to the future earnings of MWE Group.

None of the Directors, substantial shareholders and/or persons connected with the Directors and/or substantial shareholders of MWE has any interest, either direct or indirect, in the Proposed Joint Venture. The Proposed Joint Venture is not subject to the approval of shareholders of MWE nor any relevant authorities.

Having considered all the above, the Board of Directors of MWE is of the opinion that the Proposed Joint Venture is in the best interest of MWE.

MWE Holdings Berhad


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