KUALA LUMPUR (March 5): Notion VTec Bhd has officially incorporated a wholly-owned subsidiary in the United Arab Emirates (UAE) named Notion Pacific Ltd.
In a bourse filing, the company said the proposed principal activity of the new unit is to trade metals and metal ores, and sell liquefied natural gas (LNG) and other energy products in the international market.
Notion Pacific Ltd was incorporated with an initial paid-up capital of US$10,000 (RM40,683), comprising 10,000 shares of US$1 each, it added.
Notion VTec said the incorporation does not have any affect on the issued and paid-up share capital of the company, and is expected to contribute to earnings and net assets of the company for the financial year ending Sept 30, 2021 (FY21).
At the time of writing today, Notion VTec Bhd shares were up 1.5 sen or 1.85% at 82.5 sen, with a market capitalisation of RM422.38 million.