KUALA LUMPUR (Dec 30): KPS Consortium Bhd announced today that it is reactivating its dormant subsidiary, Hai Ming Paper Products Sdn Bhd - which was previously involved in building materials - after an equity restructuring in the latter.
Based on KPS' filing to Bursa Malaysia today, KPS had on Dec 29 transferred 30% of Hai Ming's equity interest or 105,000 ordinary shares of RM1 each, to its low profile business associate, Lim Kok Teong, for a mere RM10.50.
Hai Ming's total issued and paid-up capital is RM350,000.
"Thereby, Hai Ming has become a 70%-owned subsidiary of KPS instead of a wholly-owned subsidiary previously," the group noted in the statement.
"Hai Ming is currently dormant. It will activate its business after the said equity restructuring. The intended principal activity of HMPPSB is to carry out the business of trading in building materials," it added.
As of 3:30pm today, KPS was trading unchanged at 39 sen, valuing it at RM57.65 million.