News

Reference is made to the Company's announcement on 27 September 2023 whereby the Company had on even date received a letter dated 27 September 2023 ("Proposal Letter") from Tan Sri Dato' Lim Kang Hoo ("TSDLKH"), the Group Executive Chairman and a major shareholder of the Company, requesting the Company to consider, amongst others, the proposed acquisition by Ekovest of at least 51% or more of the issued share capital of Credence Resources Sdn Bhd ("Credence") from TSDLKH.

Following thereto, the Board of Directors of Ekovest ("Board") wishes to announce that the Company had on 27 October 2023 entered into a binding heads of agreement ("HOA") with TSDLKH to exclusively explore and negotiate further on the proposed acquisition by Ekovest (or its nominee(s)) of up to 700,000 ordinary shares, representing up to 70% of the equity interest in Credence and 87,901,000 redeemable preference shares ("RPS") in Credence (collectively, the "Sale Shares") from TSDLKH for an indicative purchase consideration of approximately RM1.15 billion ("Purchase Consideration"), which was arrived at on a willing-buyer, willing-seller basis, after taking into account the audited net assets of Credence as at 31 December 2022 ("Proposed Credence Acquisition").

Please refer to the attachment for further details.

This announcement is dated 27 October 2023.