MULTIPLE PROPOSALS LUSTER INDUSTRIES BHD. ("LUSTER" OR THE "COMPANY") I. PROPOSED JOINT VENTURE; II. PROPOSED DIVERSIFICATION; AND III. PROPOSED PRIVATE PLACEMENT (COLLECTIVELY, THE "PROPOSALS")
LUSTER INDUSTRIES BHD. |
Type | Announcement |
Subject | MULTIPLE PROPOSALS |
Description | LUSTER INDUSTRIES BHD. ("LUSTER" OR THE "COMPANY") I. PROPOSED JOINT VENTURE; II. PROPOSED DIVERSIFICATION; AND III. PROPOSED PRIVATE PLACEMENT (COLLECTIVELY, THE "PROPOSALS") |
On behalf of the Board of Directors of Luster ("Board"), UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that the Company proposes to undertake the following corporate exercises:-
(i) A joint venture arrangement between Fortune Tac Sdn Bhd ("FTSB") and Luster to jointly undertake the business of manufacturing, sales and distribution of gloves ("Proposed Joint Venture"); (ii) A diversification of the existing principal activities of Luster and its subsidiaries ("Luster Group" or the "Group") to include manufacturing, sales and distribution of gloves ("Gloves Business") ("Proposed Diversification"); and (iii) Proposed private placement of 482,150,000 ordinary shares of Luster ("Shares") ("Placement Share(s)"), representing approximately 20% of the total number of Shares at the subscription price of RM0.125 per Placement Share to be satisfied entirely via cash ("Proposed Private Placement").
Further details of the Proposals are set out in the attachment enclosed.
This announcement is dated 19 October 2020. |
Please refer attachment below.
Announcement Info
Company Name | LUSTER INDUSTRIES BHD. |
Stock Name | LUSTER |
Date Announced | 19 Oct 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-19102020-00103 |