IREKA

0.435

+0.055 (+14.5%)

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")

We refer to the Company’s announcements made on 16 July 2020, and 21 October 2020, 27 November 2020 and 30 November 2020 in relation to the Proposal (“Announcements”). The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the Announcements, where applicable.

 

UOBKH wishes to announce on behalf of the Board of Directors of Ireka (“Board”), that the Company and ASPL had on 10 February 2021 mutually agreed to terminate the Share Buyback Agreement due to non-fulfilment of certain conditions precedent, namely, the failure to secure the necessary consents from certain ASPL’s financiers (“Termination”).

 

Save for the transaction costs incurred by Ireka in undertaking the Proposal, the Termination is not expected to have any material effect on the net asset per share, earnings per share and gearing of Ireka in the FYE 31 March 2021.

 

 

This announcement is dated 10 February 2021.






Announcement Info

Company Name IREKA CORPORATION BERHAD
Stock Name IREKA
Date Announced 10 Feb 2021
Category General Announcement for PLC
Reference Number GA1-10022021-00112