MENANG

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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.

Attachments

Menang - Proposed Disposal.pdf
384.5 kB



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