The Board of Directors of HLN Technologies Limited ("the Company") wishes to announce that HLN Micron Pte. Ltd. ("HLN Micron"), a wholly-owned subsidiary of the Company, has increased its issued and paid-up share capital from S$1,000,000 to S$4,000,000 by the allotment of 3,000,000 ordinary shares, fully paid, for a total consideration of S$3,000,000.
Following the aforesaid subscription of shares by the Company, the number of shares held by the Company has increased from 1,000,000 ordinary shares to 4,000,000 ordinary shares through the subscription of 3,000,000 ordinary shares fully paid, in the capital of HLN Micron. The consideration paid by the Company for the additional shares subscription was satisfied by cash consideration of S$2,350,000 and capitalizing the amount S$650,000 owing by HLN Micron to the Company.
The additional investment by the Company in HLN Micron is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the current financial year.
No director or substantial shareholder of the Company has an interest, direct or indirect, in the aforesaid transaction.
By order of the Board
HLN Technologies Limited
Wa Kok Liang
Director
THE INITIAL PUBLIC OFFERING OF THE SHARES OF HLN TECHNOLOGIES LIMITED WAS SPONSORED BY WESTCOMB CAPITAL PTE LTD ("THE MANAGER"). THE MANAGER ASSUMES NO RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.