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Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the announcement dated 9 June 2017 in relation to the Acquisition.

With reference to Bursa Malaysia Berhad’s query letter dated 14 June 2017 (Reference Number: IQL-14062017-00002), the Board of Directors of PMCB wishes to inform/clarify the following:-

1.         The prospects of PISB.

            The Company anticipates the demand for PISB’s Test and Tune Solution Equipment to grow in the remaining quarters of year 2017 and contribute positively to PMCB Group.

2.         The estimated time-frame to complete the Acquisition.

The documents for the transfer of the Shares have been executed and the consideration for the Shares have been satisfied on 9 June 2017. Accordingly the Acquisition was deemed completed as of 9 June 2017.

3.         The Company’s cost of investment in the 60% equity interest in PISB that it currently holds and the date(s) of investment.

The Company’s 60% equity interest in PISB, represented by 180,000 ordinary shares, were allotted to PMCB on 19 July 2004 at a cost of RM180,000.

4.         To state whether PISB is a major subsidiary.

PISB is not a major susidiary of PMCB.

5.         Whether any comparison and valuation has been taken into consideration in arriving at the purchase consideration for the Acquisition. If yes, the details thereof.

Other than the shares allotted to PMCB in 2004 as stated above, the Company has not acquired or disposed of any share in PISB. The Company was therefore not able to make any meaningful comparison of price for the Shares. In arriving at the purchase consideration for the Acquisition, the Company did not undertake an independent valuation of the Shares. However, being the majority shareholder of PISB with access to its financial statements, the Company carried out an internal valuation to gauge the current net asset value of the Shares as the main basis for negotiating and arriving at the purchase consideration taking into consideration the current NAV of PISB and its earning contributions going forward.

This announcement is dated 15 June 2017.