News

We refer to the announcements made on 31 October 2017, 28 November 2017 and 30 November 2017.

On behalf of the Board of Directors of Ekovest (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities”) and Astramina Advisory Sdn Bhd (“Astramina”) wish to announce that on even date, the Board (save for the Interested Directors as set out in the attached announcement) has, after having considered all aspects of the Proposed Offer, decided to present the Proposed Offer to the non-interested shareholders of Ekovest for consideration at an extraordinary general meeting of the Company to be convened.

In accordance with Paragraph 9.10(1) of the Rules on Take-overs, Mergers and Compulsory Acquisitions (“Rules”), Mercury Securities and Astramina had on even date, on behalf of the Company, served a notice of conditional voluntary general offer (“Notice”) on the board of directors of IWCity informing them of the Company’s intention to undertake a conditional voluntary general offer to acquire all the Offer Shares in IWCity comprising the following:-

(i)         837,388,857 ordinary shares in IWCity (“IWCity Shares”), representing the entire issued share capital of IWCity as at 11 December 2017; and

(ii)        any new IWCity Shares that may be issued prior to the closing date of the Proposed Offer arising from the exercise of outstanding employee share options in IWCity (“IWCity ESOS Options”),

(collectively referred to as the “Offer Shares”)

for a consideration of RM1.50 per Offer Share (“Offer Price”), which shall be satisfied by way of:-

(i)         a cash consideration of RM1.50 for every 1 Offer Share surrendered (“Cash Option”); or

(ii)        a share exchange based on an exchange ratio of 1 new ordinary share in Ekovest (“Ekovest Share”) to be issued at an issue price of RM1.50 each (“Issue Price”) (“Consideration Share”) for every 1 Offer Share surrendered (“Share Exchange Option”).

Please refer to the attached announcement and Notice for further details on the Proposed Offer.

This announcement is dated 18 December 2017.