News

The Board of Directors of MClean Technologies Berhad (the “Company” or “MClean”) wishes to announce that on 1 December 2017, MClean Technologies (Thailand) Company Limited (“MTTCL”) had obtained obtained approval from Board of Investment of Thailand to commence business. MClean Technologies Pte, Ltd., a wholly-owned subsidiary of MClean Precision Pte. Ltd., which in turn a wholly-owned subsidiary of the Company, had on 17 March 2017 subscribed 1.6 million ordinary shares at an issue price of THB10 each, representing the entire issued and paid-up share capital in MClean Technologies (Thailand) Company Limited (“MTTCL”) (“the Subscription”) for a total cash consideration of THB16 million only (equivalent to approximately RM2,000,000 (“Establishment”). The intended business activities of MTTCL are to provide precision cleaning, assembly services and other related services to hard disk drive industry. Subsequent to the Establishment, MTTCL shall become a wholly-owned sub-subsidiary of the Company.

The Board of Directors in MTTCL are as follows:-

1. Lim Han Kiau;

2. Chow Kok Meng, Bert; and

3. Loh Weng Yew

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, whether direct or indirect, in the Subscription. The Subscription would not have any material effects on the Group’s earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding for the financial year ending 31 December 2017. Having consider all aspect of the Establishment, the Board of Directors of MClean is of the opinion that the Subscription is in the best interest of MClean.

This announcement is dated 4 December 2017.