In a separate statement, Ingress has proposed a one-for-five bonus issue and the transfer of its listing to the KLSE main board from the second board. It said the proposed bonus issue would involve the issue of 12.8 million new shares of RM1 par value each.
Protasco said in a statement to the KLSE that the university would be known as Kolej Universiti Infrastrucktur Kuala Lumpur and would be located at Taman Ilmu Ikram, Kajang.
The college will be offering its own foundation, diploma and degree courses. The upgrading of the existing college to a university college was not expected to have any material effect on the earnings and net tangible assets of Protasco, said the statement.
This was largely due to the lower pre-tax profit of RM16mil reported in the second quarter compared with RM20.3mil previously.
The company said the lower pre-tax profit was attributed to higher raw material prices and lower demand for its products during the quarter under review.
Upon subscription of the one million ordinary shares, DVB would have 55% share in Atoz, the company told the KLSE.
DVB said it would finance the proposed acquisition by internally generated funds.
For the financial year ended Aug 31, 2002, the company posted a turnover of RM46.3 million and a net profit of RM224,094.
With the acquisition, DVB said that the group would better position itself in serving the needs of the automotive industry in the country.
The company said that there was also scope to widen the network of Atoz branches and hence the prospect is expected to contribute positively to the group’s turnover. – Bernama
The results were attributed to strong performance in the palm oil sector and gains from the disposal of marketable securities.