On September 6, 2018, New Wave Holdings Ltd. announced that its wholly-owned subsidiary MSC Aluminium Holdings Pte. Ltd. signed a joint venture agreement with Mr Seow Heng Keong, an independent third party, for the purpose of facilitating the Group’s business of aluminium products distribution in Malaysia.
New Wave Holdings Ltd. is engaged in the distribution of aluminium products and components in Singapore, Malaysia and the People’s Republic of China. The company operates through two segments, Components Distribution and Aluminium Products Distribution.
“Twin Metal (Penang) Sdn. Bhd. (the JVCo) has been incorporated by the Company on 11 July 2018 for the purpose of undertaking the Joint Venture. The JVCo remains dormant from incorporation up to the date of the announcement”, the company said in its press release. The JVCo shall be engaged in the business of fabricating and trading of aluminium products.
“The JVCo is a private company incorporated under the laws of Malaysia with an initial issued and paid-up share capital of MYR2.00 comprising two (2) shares which are currently held, on behalf of the Company, by the Executive Director of the Company, Mr Chea Chia Chan and the Business Development Manager of the Company who is also the son of Mdm Choo Tung Kheng, the Non-Executive Director and controlling shareholder of the Company, Mr Tan Yeat Cheong respectively.”
The Subscriber Shares will be transferred, at cost of MYR1.00 per Subscriber Share, from Mr Chea and Mr Tan equally and respectively to MSC and Mr Seow in due course.
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