PERTAMA

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MULTIPLE PROPOSALS SINOTOP HOLDINGS BERHAD ("SINOTOP" OR THE "COMPANY") i. PROPOSED DISPOSAL; ii. PROPOSED CAPITAL REDUCTION; AND iii. PROPOSED DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

SINOTOP HOLDINGS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
SINOTOP HOLDINGS BERHAD ("SINOTOP" OR THE "COMPANY") 

i.	PROPOSED DISPOSAL; 
ii.	PROPOSED CAPITAL REDUCTION; AND
iii.	PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Reference is made to the Company's announcements on 12 December 2018, 2 May 2019 and 8 May 2019 in relation to the Proposed Disposal, Proposed Capital Reduction and Proposed Share Consolidation  (“Announcements”). For purposes of consistency, the definitions and terms used in the Announcements will be used in this announcement unless otherwise define herein.

 

On behalf of the Board, Inter-Pacific Securities Sdn Bhd ("IPS") and Astramina Advisory Sdn Bhd ("Astramina") wish to announce that the Board of Sinotop had on 18 June 2020 resolved to

  1. proceed with the following Proposals:
    • Proposed Disposal;
    • Proposed Capital Reduction; and
    • Proposed diversification of the existing core business of Sinotop Group to include mobile and digital solutions businesses ("Proposed Diversification") following the completion of the New Investment in TAS on 22 May 2020; and
  2. not to proceed with the Proposed Share Consolidation as earlier announced on 2 May 2019 in view of the recent upward adjustment on the trading price of Sinotop Shares upon the announcement on the TAS Shares Acquisition in April 2020. The last transacted market price for Sinotop Shares on 30 April 2019, being the last market day prior to the announcement on the Proposed Share Consolidation on 2 May 2019, was RM0.30. However, the Sinotop Shares was last traded at RM0.57 as at 17 June 2020, being the market day preceding 18 June 2020, with a 5-day VWAP up to and including 17 June 2020 of RM0.6133, representing premium of approximately 90% and 104.43% to the last transacted market price for Sinotop Shares on 30 April 2019.

 

On behalf of the Board, IPS and Astramina also wish to announce that the Company had on 18 June 2020 entered into a supplemental share sale agreement with GIL (“Supplemental Disposal SSA”) to vary and amend certain arrangement, terms and conditions of the Disposal SSA.

 

Please refer to the attachment for further details. 

 

This announcement is dated 18 June 2020. 




Please refer attachment below.



Announcement Info

Company Name SINOTOP HOLDINGS BERHAD
Stock Name SINOTOP
Date Announced 18 Jun 2020
Category General Announcement for PLC
Reference Number GA1-18062020-00025