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MEMORANDUM OF UNDERSTANDING APFT BERHAD ("APFT" OR "COMPANY") MEMORANDUM OF UNDERSTANDING ("MOU") ENTERED INTO BETWEEN APFT AND HELP INTERNATIONAL CORPORATION BERHAD DATED 10 MARCH 2020

Amended Announcements
Please refer to the earlier announcement reference number: GA1-10032020-00026

APFT BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description 
APFT BERHAD ("APFT" OR "COMPANY")

MEMORANDUM OF UNDERSTANDING ("MOU") ENTERED INTO BETWEEN APFT AND HELP INTERNATIONAL CORPORATION BERHAD DATED 10 MARCH 2020

Reference is made to the Company’s announcement dated 10 March 2020 in relation to the MOU (“Announcement”).

 

(The abbreviations used herein are consistent with the Announcement unless defined otherwise.)

 

The Company wishes to clarify the Announcement as follows:

 

Existing Announcement

 

Amended Announcement

 

Section 3 (ii)

 

Salient terms of the MOU

 

“with effect from the date of execution of the MOU, the Parties have agreed to co-operate exclusively with each other with respect to the Proposed Regularisation Plan. The MOU shall be terminated and ceased to have effect upon execution of the SPA, unless terminated earlier in writing by either Party hereto;”

 

Section 3 (ii)

 

Salient terms of the MOU

 

“with effect from the date of execution of the MOU, the Parties have agreed to co-operate exclusively with each other with respect to the Proposed Regularisation Plan. The MOU shall be terminated and ceased to have effect upon execution of the SPA, unless terminated earlier in writing by either Party hereto;”

 

Section 4

 

Rationale of the MOU

 

The MOU allows the Parties to negotiate exclusively for at least a period of 6 months and sets out the understanding and intention in respect of the Proposed Regularisation Plan. The Proposed Acquisition is part of the Company’s regularisation plan to regularise the Company’s PN17 condition and maintain its listing status on the Main Market of Bursa Securities. Details of the Proposed Regularisation Plan will be announced and submitted to the regulatory authorities for their approvals upon finalisation of the Proposed Regularisation Plan.

 

Section 4

 

Rationale of the MOU

 

The MOU allows the Parties to negotiate exclusively for at least a period of 6 months and sets out the understanding and intention in respect of the Proposed Regularisation Plan. The Proposed Acquisition is part of the Company’s regularisation plan to regularise the Company’s PN17 condition and maintain its listing status on the Main Market of Bursa Securities. Details of the Proposed Regularisation Plan will be announced and submitted to the regulatory authorities for their approvals upon finalisation of the Proposed Regularisation Plan.

 

 

Save for the above, there are no changes to the Announcement.

 

 

This announcement is dated 11 March 2020.



Announcement Info

Company Name APFT BERHAD
Stock Name APFT
Date Announced 11 Mar 2020
Category General Announcement for PLC
Reference Number GA1-11032020-00075


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