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Bursa Announcements

Date : 01 March 2021

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : OTHER ISSUE OF SECURITIES EASTLAND EQUITY BHD. ("EASTLAND" OR "THE COMPANY") PROPOSED SETTLEMENT OF RM10.99 MILLION DEBTS OWING TO LEE CHEE KIANG, ITS MANAGING DIRECTOR, VIA THE ISSUANCE OF 104,966,571 NEW ORDINARY SHARES IN EASTLAND ("SETTLEMENT SHARES") AT AN ISSUE PRICE OF RM0.1047 PER SETTLEMENT SHARE ("PROPOSED DEBT SETTLEMENT")

EASTLAND EQUITY BHD

Type Announcement
Subject NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
OTHER ISSUE OF SECURITIES
Description
EASTLAND EQUITY BHD. ("EASTLAND" OR "THE COMPANY")

PROPOSED SETTLEMENT OF RM10.99 MILLION DEBTS OWING TO LEE CHEE KIANG, ITS MANAGING DIRECTOR, VIA THE ISSUANCE OF 104,966,571 NEW ORDINARY SHARES IN EASTLAND ("SETTLEMENT SHARES") AT AN ISSUE PRICE OF RM0.1047 PER SETTLEMENT SHARE ("PROPOSED DEBT SETTLEMENT")

This announcement is dated 1 March 2021.

 

Reference is made to the announcements in relation to the Proposed Debt Settlement dated 26 November 2020, 30 November 2020, 21 January 2021 and 10 February 2021 ("Earlier Announcements), and the Circular dated 11 February 2021.  Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Earlier Announcements.

 

The Board of Directors of Eastland (Board) wishes to announce that it had received a letter from Lee Chee Kiang dated 26 February 2021 informing his decision to terminate the Settlement Agreement. 

 

Upon deliberation by the Board (save for Lee Chee Kiang), the Board (save for Lee Chee Kiang) has decided not to proceed with the Proposed Debt Settlement, as a consequence of the decision by Lee Chee Kiang.

 

The Board will continue to explore other possible proposals to improve the financial position of the Eastland Group.






Announcement Info

Company Name EASTLAND EQUITY BHD
Stock Name EASTLND
Date Announced 01 Mar 2021
Category General Announcement for PLC
Reference Number GA1-01032021-00128


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