News

The Board of Directors of Knusford Berhad (“KB”), wishes to announce that its wholly-owned subsidiary, Knusford Construction Sdn Bhd (“KCSB”), had on 14 April 2017 subscribed and acquired 51 ordinary shares for RM51.00 in Knusford Compass Sdn Bhd ("KCOM") representing 51% of the total paid up share capital of KCOM. The balance of 49% is held by Compass Group Malaysia Sdn Bhd (“Compass”).

KCOM has on the same day entered into a joint venture agreement ("JVA”) with Compass and KCSB ("the Joint Venture”).The objectives of KCOM are to provide services to Petroliam Nasional Berhad and other third parties in the State of Johor and to seek additional business through bidding on multiservice food and support services opportunities in the State of Johor.

The purpose of the JVA is for KCSB and Compass to set out the terms which will govern the objectives of the joint venture and regulate their rights, commitments and relationship as shareholders in KCOM.

Full details of the announcement are per attachment enclosed herewith.