TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS IREKA CORPORATION BERHAD ("IREKA" OR THE "COMPANY") PROPOSED PARTICIPATION BY IREKA IN THE SHARE BUY-BACK AND DEMERGER EXERCISE UNDERTAKEN BY ASEANA PROPERTIES LIMITED ("ASPL") INVOLVING THE DIVESTMENT OF IREKA'S ENTIRE QUOTED INVESTMENT IN ASPL (REPRESENTING 23.07% EQUITY INTEREST IN ASPL) IN EXCHANGE FOR SHARES IN A COMPANY INCORPORATED BY ASPL ("NEWCO") ("PROPOSAL")
| IREKA CORPORATION BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | IREKA CORPORATION BERHAD ("IREKA" OR THE "COMPANY")
PROPOSED PARTICIPATION BY IREKA IN THE SHARE BUY-BACK AND DEMERGER EXERCISE UNDERTAKEN BY ASEANA PROPERTIES LIMITED ("ASPL") INVOLVING THE DIVESTMENT OF IREKA'S ENTIRE QUOTED INVESTMENT IN ASPL (REPRESENTING 23.07% EQUITY INTEREST IN ASPL) IN EXCHANGE FOR SHARES IN A COMPANY INCORPORATED BY ASPL ("NEWCO") ("PROPOSAL") |
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We refer to the Company’s announcements made on 7 May 2020, 21 May 2020, 29 May 2020, 15 June 2020 and 30 June 2020 in relation to the Proposal.
Pursuant thereto, UOB Kay Hian Securities (M) Sdn Bhd wishes to announce on behalf of the Board of Directors of Ireka, that the Company had on 15 July 2020, entered into a conditional share buyback agreement with ASPL (“Share Buyback Agreement”). In accordance to the Share Buyback Agreement, Ireka agrees to sell and ASPL agrees to purchase all the 45,837,504 ordinary shares of ASPL held by Ireka in consideration for an equivalent number of ordinary shares in Newco.
Further details on the Proposal are set out in the attachment.
This announcement is dated 16 July 2020. |
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Please refer attachment below.
Announcement Info
| Company Name | IREKA CORPORATION BERHAD |
| Stock Name | IREKA |
| Date Announced | 16 Jul 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-15072020-00122 |