Investor Relations - News
New Subsidiary Company - PT. MTQ Engine Systems Indonesia
The Board of Directors of MTQ Corporation Limited (the "Company" or "MTQ") is pleased to announce that it incorporated a company in Indonesia known as PT. MTQ Engine Systems Indonesia ("PTMTQ") which has an authorised share capital of USD100,000.00 comprising 100,000 ordinary shares of USD1.00 nominal value and a paid-up capital of USD100,000.00.
PTMTQ was incorporated on 17 September 2003 and will serve as a wholesaler (distributor), importer and provider of after sales services on components for diesel engines.
PTMTQ is 99% owned by MTQ and 1% owned by MTQ Engineering Pte Ltd, a wholly owned subsidiary of MTQ respectively.
The investment was funded through internal resources.
The transaction is not expected to have any material impact on the consolidated net tangible assets per share and earning per share of MTQ for the current financial year.
None of the directors or substantial shareholders of MTQ have any interest, direct or indirect, in the transaction.