| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description |
EKOVEST BERHAD ("EKOVEST" OR THE "COMPANY") ACQUISITION OF ORDINARY SHARES AND WARRANTS IN PLS PLANTATIONS BERHAD ("PLS"), A 32.84%-OWNED ASSOCIATE OF EKOVEST, FROM RELATED PARTIES FOR A TOTAL CASH CONSIDERATION OF RM85,750,055 ("ACQUISITIONS") AND THE RESULTANT MANDATORY GENERAL OFFER TO ACQUIRE ALL THE REMAINING SECURITIES IN PLS NOT ALREADY HELD BY EKOVEST AFTER THE ACQUISITIONS ("MGO") (COLLECTIVELY REFERRED TO AS "PROPOSALS") |
We refer to the previous announcements in relation to the Proposals. Unless otherwise stated, the terms used herein shall have the same meaning as those defined in the said announcements.
On behalf of the Board, RHB Investment Bank and Astramina Advisory Sdn Bhd (“Astramina Advisory”) wish to announce that the Company and the Vendors had on 30 October 2020 entered into supplemental letter agreements to waive/dispense with the condition precedent in relation to the approval or consent of the Company’s financiers/creditors for, inter alia, obtaining additional indebtedness to part finance the Acquisitions (“Supplemental Agreements”). In this regard, the Company has decided to use its internal funds to fully settle the purchase consideration for the Acquisitions.
Following the execution of the Supplemental Agreements, the SPAs have become unconditional on 30 October 2020 and in accordance with the terms of the SPAs, the Acquisitions are expected to be completed within seven (7) market days after the SPAs become unconditional.
Accordingly, RHB Investment Bank and Astramina Advisory had, on behalf of Ekovest, served the notice of the MGO on the board of directors of PLS (“Notice”) in accordance with Paragraph 9.10(1) of the Rules. A copy of the Notice is attached herewith for your information.
Copies of the Supplemental Agreements are available for inspection at the registered office of the Company at Ground Floor, Wisma Ekovest, No. 118, Jalan Gombak, 53000 Kuala Lumpur, during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this Announcement.
This Announcement is dated 30 October 2020.
Please refer attachment below.
| Company Name | EKOVEST BERHAD |
| Stock Name | EKOVEST |
| Date Announced | 30 Oct 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-30102020-00054 |
Attachments