TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MENANG CORPORATION (M) BERHAD (MENANG OR THE COMPANY) PROPOSED DISPOSAL OF 71% EQUITY INTEREST IN INOVATIF MEWAH SDN BHD (IMSB) (PROPOSED DISPOSAL)
MENANG CORPORATION (M) BERHAD |
Type | Announcement |
Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
Description | MENANG CORPORATION (M) BERHAD (MENANG OR THE COMPANY) PROPOSED DISPOSAL OF 71% EQUITY INTEREST IN INOVATIF MEWAH SDN BHD (IMSB) (PROPOSED DISPOSAL) |
On behalf of the Board of Directors of Menang (“Board”), Affin Hwang Investment Bank Berhad (“Affin Hwang IB”) wishes to announce that on 24 June 2020, Menang Development (M) Sdn Bhd (“MDSB”) and Menang Industries (M) Sdn Bhd (“MISB”) (“collectively referred as “Menang Vendors”), both 100% owned subsidiaries of Menang and together with a minority shareholder of IMSB, Tentu Selesa Sdn Bhd (“TSSB”), had entered into a conditional share sale agreement with Innovative City Holdings Sdn Bhd (“Purchaser” or “ICHSB”), a wholly owned subsidiary of Widad Concession Sdn Bhd (“WCSB”), which in turn is a wholly-owned subsidiary of Widad Group Berhad (“Widad”) for the disposal of 69,300,100 ordinary shares in IMSB for a total cash consideration of RM122,000,000. The Menang Vendors will be disposing 49,203,071 ordinary shares in IMSB for RM86,620,000 pursuant to the Proposed Disposal.
Please refer to the attachment for further details.
This announcement is dated 25 June 2020. |
Please refer attachment below.
Announcement Info
Company Name | MENANG CORPORATION (M) BERHAD |
Stock Name | MENANG |
Date Announced | 25 Jun 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-25062020-00081 |