On behalf of the Board of Directors of EFB, we wish to announce that the Company had incorporated Evergreen Eco Wood Pte. Ltd. (Registration No. 200820980R) ("EEW") as its new wholly-owned sudsidiary in Singapore. EEW was incorporated on 3 November 2008 with an issued and paid-up capital of S$2-00. The intended principal activity of EEW is trading of wood products. This incorporation is hereinafter referred as “Transaction”.
The Transaction is for future expansion of EFB Group.
3.0 FINANCIAL EFFECTS
3.1 Share Capital
The Transaction will not have any effect on the share capital of EFB.
3.2 Major Shareholders
The Transaction will not have any effect on shareholdings of the substantial shareholders of EFB.
3.3 Earnings, Net Assets and Gearing
There will be no material effect on earnings, net assets and gearing of EFB for the financial year ending 31 December 2008.
4.0 STATEMENTS BY THE BOARD OF DIRECTORS
The Board of Directors of EFB, having taken into consideration all aspects of the Transaction and is of the opinion that the Transaction is in the best interest of EFB and its shareholders.
5.0 COMPLIANCE WITH SECURITIES COMMISSION ("SC") GUIDELINES
The Transaction is in compliance with and there has been no departure from the Policies and Guidelines on Issue/ Offer of Securities by the SC.
6.0 DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
Save as disclosed below, none of the Directors and Major shareholders of EFB has interest in the Transaction: -
i) Mr Kuo Jen Chang and Mr Kuo Jen Chiu are the Directors and the major shareholders of EFB;
ii) Mr Kuo Jen Chang and Mr Kuo Jen Chiu are the Directors of EEW.
7.0 APPROVALS REQUIRED
The Transaction is not subject to the approval of shareholders' of EFB and other government authorities.