Bursa
Announcements

Further to the announcements made on 8 September 2020, 21 October 2020 and 4 December 2020, the Board of Directors of Ekovest (“Board”) wishes to announce that the Company had on 8 December 2020 entered into a heads of agreement (“HOA”) with IWH in relation to the Proposed Joint Venture which entails the following:

1. proposed subscription by Ekovest of new ordinary shares in a special purpose vehicle (“SPV”), which will be a wholly-owned subsidiary of IWH following the completion of the IWH’s Reorganisation (as hereinafter defined) undertaken by IWH, comprising 40% of the enlarged issued share capital of the SPV (“Proposed OS Subscription”); and
2. proposed subscription by Ekovest of new redeemable preference shares-A (“RPS-A”) and redeemable preference shares-B (“RPS-B”) in IWH CREC Sdn Bhd (“IWH-CREC”) for the purposes of redeeming 40% of the existing RPS-A and RPS-B held by IWH in IWH-CREC (“Proposed RPS Subscription”).

The details are set out in the attachment.

This announcement is dated 8 December 2020.