News

1. INTRODUCTION 

Pursuant to Rule 9.19(25) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Focus Point wishes to announce that Esprit Shoppe Sdn Bhd (“ESSB”), a wholly-owned subsidiary of Focus Point Vision Care Group Sdn Bhd which in turn is a wholly-owned subsidiary of Focus Point has, on 1 March 2017 , entered into a Shares Sale and Purchase Agreement  with the following purchasers (collectively referred to as “Purchaser”), for the disposal of ESSB’s entire investment in Optolab Sdn Bhd (“OSB”) comprising 30,000 ordinary issued shares , representing 60% of the equity shares in OSB  to the Purchaser, at a total consideration of RM30,000 (“Disposal Consideration”) (“Disposal of Shares”):-

NWL is the Managing Director of OSB since the date of incorporation of OSB and NWL has nominated FTK to entitle and to receive the Sale Shares from ESSB.

Following the Disposal of Shares, OSB ceased to be the subsidiary of ESSB.

The consideration shall be paid by FTK to ESSB in thirty-month installments (free from interest) from 1 March 2017 to 1 August 2019.

In conjunction with the Disposal of Shares, the Purchaser has also agreed to repay the advance capital of RM30,000 due and owing by OSB to ESSB in thirty-month installments (free from interest) from 1 March 2017 to 1 August 2019.

2. DETAILS OF OSB 

OSB was incorporated in Malaysia on 13 March 2015 under the Companies Act, 1965 as a private limited company. The principal activity of OSB is to carry on the business of trading of medical products, including but not limited to medical equipment and medical devices.

The present issued share capital of OSB is 50,000 ordinary shares. The shareholdings of OSB prior and after the Disposal of Shares are as follows:-

Prior to Disposal of Shares

After Disposal of Shares

OSB’s directors are as follows:-

3. BASIS OF ARRIVING AT AND JUSTIFICATION FOR THE DISPOSAL CONSIDERATION

ESSB has in total invested RM60,000 in OSB, RM30,000 as issued share capital representing 60% on shareholding in OSB and the other RM30,000 as advance capital to OSB which will be repaid as stated in Section 1 above. Upon Disposal of Shares, ESSB would like to recover such total investment cost from the Purchaser. On a willing-buyer willing-seller basis, ESSB and the Purchaser have agreed to use ESSB’s total investment cost as a basis for arriving at the Disposal Consideration.

4. RATIONALE FOR THE DISPOSAL OF SHARES

OSB has not been in profitable positions since the date of incorporation and ESSB would like towithdraw from the business to avoid further investment loss in OSB.

5. DIRECTORS AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct and/or indirect in the Disposal of Shares.

6. DIRECTORS’ STATEMENT

The Board of Directors of Focus Point is of the opinion that the Disposal of Shares is in the best interest of the Focus Point.

This announcement is dated 1 March 2017.