The Board of Directors of HIAP HUAT HOLDINGS BERHAD (“Hiap Huat” or “the Company”) wishes to announce that the Company had on 10 August 2017 filed an application to Companies Commission of Malaysia (“CCM”) to strike-off the name of Hiap Huat Loyalty Solutions Sdn. Bhd. (“HHLS”), a wholly-owned subsidiary of the Company from the Register of the Companies Commission of Malaysia under Section 550 of the Companies Act, 2016.

HHLS, a company incorporated in Malaysia with existing issued share capital of RM85,100, represented by 85,100 ordinary shares, has ceased business operation since year 2011.    

The striking-off of HHLS will enable the Company to divest its non-performing investment and relieving the Company from incurring further unnecessary costs which were primarily related to professional fees incurred on its investment in HHLS.

The striking-off of HHLS will not have any material impact on the share capital, shareholding structure, earnings, gearing and net assets of the Hiap Huat Group for the financial year ending 31 December 2017.

The striking-off of HHLS is at the sole discretion of CCM and is not subject to the approval of the shareholder of Hiap Huat.

This announcement is dated 10 August 2017.