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SAPRES

0.650

-0.005 (-0.76%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SAPURA RESOURCES BERHAD ('SRB') (I) CONDITIONAL SUBSCRIPTION AND JOINT VENTURE AGREEMENT AMONGST SRB, SRB ONE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SRB, MTU ASIA PTE LTD ('MTU'), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF ROLLS-ROYCE POWER SYSTEMS AG AND MTU POWER SYSTEMS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF MTU; AND (II) PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF SRB AND ITS SUBSIDIARIES TO INCLUDE THE PROPOSED BUSINESS

SAPURA RESOURCES BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SAPURA RESOURCES BERHAD ('SRB')

(I)	CONDITIONAL SUBSCRIPTION AND JOINT VENTURE AGREEMENT AMONGST SRB, SRB ONE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SRB, MTU ASIA PTE LTD ('MTU'), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF ROLLS-ROYCE POWER SYSTEMS AG AND MTU POWER SYSTEMS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF MTU; AND

(II)	PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF SRB AND ITS SUBSIDIARIES TO INCLUDE THE PROPOSED BUSINESS

We refer to the announcement dated 26 March 2019 whereby SRB had entered into a memorandum of understanding with MTU to support the discussion on a potential strategic collaboration between both parties to establish a joint venture for the sales and service of original equipment packaging solutions in marine (both naval and commercial), rail, construction and industrial, mining, agriculture, oil and gas, and power generation market sectors in Malaysia and which will primarily serve the Malaysian market.

SRB wishes to announce that SRB and SRB One Sdn Bhd (“SRB One”) as well as MTU and MTU Power Systems Sdn Bhd (“MPS”) had entered into a conditional subscription and joint venture agreement dated 15 May 2019, in order for MPS to undertake the sale and service of “original equipment packaging solutions” in marine (both naval and commercial), rail, construction and industrial, mining, agriculture, oil and gas, and power generation market sectors in Malaysia and such other businesses as may be mutually agreed between SRB One and MTU from time to time (“Proposed Joint Venture”).

As a consequence of the Proposed Joint Venture, SRB proposes to diversify its principal activities and of its subsidiaries to include the sale and service of products, engine and parts, and provision of related value-added services.

Please refer to the attachment for further details on the proposals.

This Announcement is dated 15 May 2019.      

   

 




Please refer attachment below.



Announcement Info

Company Name SAPURA RESOURCES BERHAD
Stock Name SAPRES
Date Announced 15 May 2019
Category General Announcement for PLC
Reference Number GA1-23042019-00037