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POH TIONG CHOON LOGISTICS LIMITED
(Incorporated in the Republic of Singapore)
Company Reg.No. 196900049H
Increase of Issued and Paid-Up Capital in Subsidiary
The Directors of Poh Tiong Choon Logistics Limited (the "Company") wish to announce that the Company's wholly-owned subsidiary, PTC Express Pte. Ltd. ("PTC Express") has on 25 April 2007 increased its paid-up share capital from S$2/- to S$100,000/- through the issue and allotment of 99,998 new ordinary shares at an issue price of S$1/- for each new share in cash.
The Company has subscribed for 81,998 new ordinary shares for a cash consideration of S$81,998/-. Together with the existing 2 ordinary shares held by the Company in the capital of PTC Express. The Company now holds 82,000 ordinary shares representing 82% of the total issued and paid-up shares in PTC Express.
The remaining 18,000 ordinary shares representing 18% of the issued and paid-up shares in PTC Express is subscribed for a cash consideration of S$18,000/- by a third party investor, Hua Siah Construction Pte Ltd, a company incorporated in Singapore. The principal activities of Hua Siah Construction Pte ltd, are those relating to building contractors.
Following the increase in share capital, the Company's shareholding in PTC Express has been reduced from 100% to 82%.
None of the Directors or controlling shreholders of the Company has any interest, direct or indirect, in the transaction.
By Order of the Board
Poh Khim Hong (Ms)
Finance Director
10 May 2007