Bursa
Announcements

Multiple Proposals

Jan 29, 2014

Type Announcement
Subject MULTIPLE PROPOSALS
Description
EKOVEST BERHAD ("EKOVEST" OR THE “COMPANY")

- PROPOSED ACQUISITION;
- PROPOSED SHARE SPLIT;
- PROPOSED RIGHTS ISSUE WITH WARRANTS;
- PROPOSED ESOS; AND
- PROPOSED AMENDMENTS TO M&A

(COLLECTIVELY THE “PROPOSALS”)

On behalf of the Board of Directors of Ekovest, AmInvestment Bank Berhad wishes to announce that the Company proposes to undertake the following:-  
(i) proposed acquisition by:-
    (a) Wira Kristal Sdn Bhd (“Wira Kristal”), a wholly-owned subsidiary of Ekovest, of 1,500,000 ordinary shares of RM1.00 each in Nuzen Corporation Sdn Bhd (“Nuzen”) and 13,500,000 redeemable preference shares of RM1.00 each in Nuzen representing the remaining 30% equity interest in Nuzen not held by Wira Kristal;
    (b) Ekovest Construction Sdn Bhd, a wholly-owned subsidiary of Ekovest, of 585 Series A redeemable preference shares of RM1.00 each in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (“Kesturi”); and

    (c) Ekovest of RM54,000,000 nominal value redeemable secured junior bonds in Kesturi,
    from Malaysian Resources Corporation Berhad (“MRCB”) for a total cash purchase consideration of RM228.0 million (“Proposed Acquisition”);
(ii) proposed share split involving the subdivision of every one (1) existing ordinary share of RM1.00 each in Ekovest held by the entitled shareholders of the Company on an entitlement date to be determined later into two (2) new ordinary shares of RM0.50 each in Ekovest ("Ekovest Shares") ("Proposed Share Split");
(iii) proposed renounceable rights issue of 244,413,960 new Ekovest Shares (“Rights Shares”) together with 122,206,980 free detachable warrants (“Warrants”) at an issue price to be determined later on the basis of two (2) Rights Shares together with one (1) free Warrant for every five (5) existing Ekovest Shares held after the Proposed Share Split on an entitlement date to be determined later (“Proposed Rights Issue With Warrants”);  
(iv) proposed establishment of an employees’ share option scheme (“ESOS”) of up to fifteen percent (15%) of the issued and paid-up share capital of Ekovest (“Proposed ESOS”); and
(v) proposed amendments to the Company’s Memorandum and Articles of Association to facilitate the Proposed Share Split (“Proposed Amendments to M&A”);

(collectively referred to as the “Proposals”).

A conditional share sale agreement (“SSA”) had been entered into with MRCB on 29 January 2014 for the aforementioned Proposed Acquisition.

Further details on the Proposals are set out in the attachment below.

This announcement is dated 29 January 2014.

 


Announcement Info

Company Name EKOVEST BERHAD  
Stock Name EKOVEST    
Date Announced 29 Jan 2014  
Category General Announcement
Reference No MB-140128-39210

Attachments

  1. EKOVEST_290114.pdf (Size: 551,102 bytes)
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