MULTIPLE PROPOSALS SINO HUA-AN INTERNATIONAL BERHAD ("SHIB" OR "COMPANY") (i) PROPOSED DEBT SETTLEMENT (ii) PROPOSED PRIVATE PLACEMENT (COLLECTIVELY "PROPOSALS")
SINO HUA-AN INTERNATIONAL BERHAD |
Type | Announcement | |||||||||
Subject | MULTIPLE PROPOSALS |
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Description | SINO HUA-AN INTERNATIONAL BERHAD ("SHIB" OR "COMPANY") (i) PROPOSED DEBT SETTLEMENT (ii) PROPOSED PRIVATE PLACEMENT (COLLECTIVELY "PROPOSALS") |
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(Unless otherwise stated or redefined, all abbreviations and definitions used herein shall have the same meanings as those used in the Company’s announcements dated 21 April 2020, 28 May 2020, 30 June 2020, 14 July 2020, 16 July 2020 and 17 July 2020 in relation to the Proposals
Reference is made to the announcement on the additional listing application for new SHIB Shares to be issued pursuant to the Proposals set out in the announcement dated 16 July 2020 (“ALA”).
After assessing the current market conditions and the Company’s funding requirements, the Board proposes to revise the Proposals as follows:
The Board has resolved to increase the issue size of the Proposed Private Placement which shall now involve the issuance of up to 236,461,500 Placement Shares, representing approximately 20.00% of the Company’s total number of issued shares after taking into account inter-alia the demand for SHIB Shares.
The Proposed Private Placement will be undertaken in accordance with the 20% General Mandate. The Company had obtained the New Shareholders’ Mandate from its shareholders at its 14th AGM convened on 6 July 2020, to authorise the Board to allot and issue new ordinary shares in SHIB not exceeding 20% of the total issued shares of the Company.
In view of the above revision, SHIB will withdraw the ALA submitted on 16 July 2020 and resubmit a revised ALA to Bursa Securities.
Further details of the Proposals are set out in the attached announcement.
This announcement is dated 3 August 2020. |
Please refer attachment below.
Announcement Info
Company Name | SINO HUA-AN INTERNATIONAL BERHAD |
Stock Name | HUAAN |
Date Announced | 03 Aug 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-30072020-00056 |