BURSA ANNOUNCEMENTS

Date : 20 September 2022

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS HEXTAR INDUSTRIES BERHAD ("HIB" OR THE "COMPANY") (A) PROPOSED ACQUISITION BY HIB FROM HEXTAR HOLDINGS SDN BHD OF 100% EQUITY INTEREST IN HEXTAR FERTILIZERS LIMITED FOR A TOTAL PURCHASE CONSIDERATION OF RM480.0 MILLION; AND (B) PROPOSED OFFER FOR SALE OF SUCH NUMBER OF CONSIDERATION SHARES TO INVESTORS TO BE IDENTIFIED (COLLECTIVELY, THE "PROPOSALS")

HEXTAR INDUSTRIES BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description 
HEXTAR INDUSTRIES BERHAD ("HIB" OR THE "COMPANY")

(A) PROPOSED ACQUISITION BY HIB FROM HEXTAR HOLDINGS SDN BHD OF 100% EQUITY INTEREST IN HEXTAR FERTILIZERS LIMITED FOR A TOTAL PURCHASE CONSIDERATION OF RM480.0 MILLION; AND
(B) PROPOSED OFFER FOR SALE OF SUCH NUMBER OF CONSIDERATION SHARES TO INVESTORS TO BE IDENTIFIED

(COLLECTIVELY, THE "PROPOSALS")

Reference is made to the announcements dated 8 August 2022 and 12 August 2022 in relation to the Proposals.

 

On behalf of the Board of Directors of HIB, M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had, vide its letter dated 20 September 2022, approved the listing and quotation of 1,600,000,000 new ordinary shares in HIB (“Consideration Shares”) to be issued pursuant to the Proposed Acquisition subject to the following conditions:

  1. HIB and M&A Securities must fully comply with the relevant provisions under the ACE Market Listing Requirements (“Listing Requirements”) pertaining to the implementation of the Proposed Acquisition;
  2. HIB and M&A Securities are to inform Bursa Securities upon the completion of the Proposed Acquisition;
  3. HIB is to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Acquisition is completed;
  4. Compliance by HIB with the public shareholding spread upon completion of the Proposed Acquisition and upon completion of the profit guarantee period. In this connection, M&A Securities is to furnish a schedule containing the information set out in Appendix 8E, Chapter 8 of the Listing Requirements to Bursa Securities, prior to the allotment and issuance of the Consideration Shares; and
  5. HIB is to furnish to Bursa Securities with a certified true copy of the resolution passed by the shareholders in general meeting approving the Proposed Acquisition.

HIB is required to ensure full compliance of all the requirements as provided under the Listing Requirements at all times.


This announcement is dated 20 September 2022.

 



Announcement Info

Company Name HEXTAR INDUSTRIES BERHAD
Stock Name HEXIND
Date Announced 20 Sep 2022
Category General Announcement for PLC
Reference Number GA1-20092022-00074


Back