Investor Relations - News
Capitalisation Of Loan To MTQ Subsea Technology Pte Ltd
The Board of Directors of MTQ Corporation Limited (the "Company" or "MTQ") is pleased to announce that its subsidiary, MTQ Subsea Technology Pte Ltd ("MTQ Subsea") has increased its paid-up capital from S$5,500,000 to S$6,146,380, by way of:
(a) the capitalisation of a sum of S$610,000 being amount due by MTQ Subsea to the Company; and
(b) an allotment of 36,380 new ordinary shares of S$1.00 each at S$1.20 to MTQ Subsea's employees on the exercise of share options.
As a result of the capitalisation, the Company was allotted 610,000 new ordinary shares of S$1.00 par value. Subsequent of the above transaction, the Company's interest in MTQ Subsea has increased from 72.73% to 75%. Mr Samuel Bernard Sassoon (director of the Company) holds 17.41% and the remaining 7.59% are held by key employees of MTQ Subsea.
The increase in paid-up capital of MTQ Subsea is to improve its financial position and to provide additional working capital.
The transaction is not expected to have a material impact on the consolidated net tangible assets per share and earning per share of MTQ for the current financial year.
Save as disclosed above, none of the directors or substantial shareholders of MTQ have any interest, direct or indirect, in the transaction.