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KSTAR

0.310

+0.02 (+6.9%)

MULTIPLE PROPOSALS K-STAR SPORTS LIMITED ("K-STAR" OR THE "COMPANY") - PROPOSED SPECIAL ISSUE; AND - PROPOSED INTERNAL REORGANISATION (COLLECTIVELY, REFERRED AS THE "PROPOSALS")

K-STAR SPORTS LIMITED

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-02072020-00002
Subject MULTIPLE PROPOSALS K-STAR SPORTS LIMITED ("K-STAR" OR THE "COMPANY") - PROPOSED SPECIAL ISSUE; AND - PROPOSED INTERNAL REORGANISATION (COLLECTIVELY, REFERRED AS THE "PROPOSALS")
Description
ADDITIONAL INFORMATION IN RELATION TO THE PROPOSALS
Query Letter Contents

We refer to your Company’s announcement dated 30 June 2020, in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1. To justify on the Company’s decision to raise fund via  special issue instead of pro-rata fund raising method such as rights issue, which will minimise the dilution to your existing shareholders.  
  2. To provide a breakdown on the RM3.4 million utilisation (under general working capital) to: (a) Directors’ fee and remuneration; and (b) Annual salaries for sale and marketing personnel, R&D personnel as well as administrative staff
  3. In view that more than 60% of the proceeds will be used in the construction segment, to disclose the existing on-going construction projects undertaken by the Company, and also its pipeline project (if any). Please include the information such as project value, scope, name of client, location, commencement date, and expected completion date. To disclose also the contribution of construction segment to the group overall revenue and profit for the past 3 years.
  4. With regards to the proposed acquisition of machinery and equipment for its construction segment, to disclose whether the Company owns any of these equipment currently, the quantity, and the usage rate. In order for your shareholders to evaluate the proposal, to discuss further on the need to purchase these equipment.
  5. To state clearly whether any regulatory approval is required from Singapore and/or PRC for the proposed securities exchange and transfer of listing status.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing

Regulation

 

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Reference is made to the Company's announcement dated 30 June 2020 and the query letter from Bursa Securities dated 2 July 2020 in relation to the Proposals.

 

M&A Securities Sdn Bhd on behalf of the Company wishes to annouce additional information in relation to the Proposals as attached.

 

 



Please refer attachment below.



Announcement Info

Company Name K-STAR SPORTS LIMITED
Stock Name KSTAR
Date Announced 03 Jul 2020
Category General Announcement for PLC
Reference Number GA1-02072020-00094