Friday, September 28, 2012

RCECAP ... Sep12

Its acquisition of a company called Urusan Ihsan Sdn Bhd has its own auto deduction mechanism linked to the salaries of government employees.

RCE's core business has been to lend money to government-linked cooperatives such as Koperasi Wawasan Pekerja-Pekerja Bhd (Kowaja), which in turn provide loans to their members. These cooperatives are members of Angkasa (Angkatan Koperasi Kebangsaan Malaysia), and are allowed to automatically deduct the salaries of its members, primarily civil servants, for repayment of loans.

Loan repayments are collected via government-initiated monthly salary deductions and the deductions are administered by Angkasa.

On Aug 14 2012, RCE said it would pay RM18mil for Urusan Ihsan, which is involved in the processing and administration of civil servants' payroll collection system.

Incorporated on July 29, 2012, Urusan Ihsan has a paid-up share capital of RM1.8mil comprising 1.8 million shares.

RCE had acquired the entire equity interest of the former for RM18mil cash from four vendors namely Mohd Jafni Mohd Alias (52.78%), Sim Chee Kiong (30.56%) Datuk Amran Mat Nor (8.33%) and Datuk Rozzanamoon Rahmat (8.33%).

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