Investor Relations - News
Members' Voluntary Liquidation Of Subsidiary
The Board of Directors of MTQ Corporation Limited (the "Company") wishes to announce that PT MTQ Engine Systems Indonesia ("PT MTQ"), a subsidiary of the Company has been placed under Members' Voluntary Liquidation with effect from 24 January 2008.
PT MTQ is set up to replicate the Company's turbocharger and fuel injection operations in Indonesia. However, it has not been performing to expectations since its inception. As a result, the Company has undertaken a comprehensive review of its operations and decided to liquidate PT MTQ and focus its attention elsewhere.
The liquidation of PT MTQ is not expected to have any material impact on the earnings per share and net tangible assets of the Company for the financial year ending 31 March 2008.
BY ORDER OF THE BOARD
MTQ CORPORATION LIMITED
FONG CHOON SENG
COMPANY SECRETARY
5 FEBRUARY 2008