MBL

0.605

+0.01 (+1.7%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MUAR BAN LEE GROUP BERHAD ("MBL" OR "COMPANY") (I) ACQUISITION OF 3.5% EQUITY INTEREST IN SYMPHONY LIFE BERHAD ("SYMPHONY") (II) PROPOSED ACQUISITION OF 10.6% EQUITY INTEREST IN SYMPHONY; AND (III) PROPOSED DIVERSIFICATION OF EXISTING BUSINESSES OF MBL AND ITS SUBSIDIARIES

MUAR BAN LEE GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
MUAR BAN LEE GROUP BERHAD ("MBL" OR "COMPANY")

(I) ACQUISITION OF 3.5% EQUITY INTEREST IN SYMPHONY LIFE BERHAD ("SYMPHONY")

(II) PROPOSED ACQUISITION OF 10.6% EQUITY INTEREST IN SYMPHONY; AND

(III) PROPOSED DIVERSIFICATION OF EXISTING BUSINESSES OF MBL AND ITS SUBSIDIARIES

On behalf of the Board of Directors of MBL (“Board”), RHB Investment Bank Berhad wishes to announce that on 5 April 2021, the Company had entered into the following transactions:

 

(i) the acquisition of 22,000,000 ordinary shares in Symphony (“Symphony Shares”), a company whose shares are listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”), representing approximately 3.5% equity interest in Symphony, from Gajahrimau Capital Sdn. Bhd. (“Vendor”), for a cash consideration of RM20,636,000 or RM0.9380 per Symphony Share via an off-market direct business transaction carried out under the Rules of Bursa Depository Sdn. Bhd. (“First Acquisition”). The First Acquisition was completed on the same day; and

 

(ii) a conditional share sale agreement dated 5 April 2021 (“SSA”) with the Vendor for the proposed acquisition of 67,000,000 Symphony Shares, representing approximately 10.6% equity interest in Symphony, for a cash consideration of RM62,812,500 or RM0.9375 per Symphony Share, subject to adjustments under the terms of the SSA (“Acquisition Consideration”) (“Proposed Acquisition”).

 

Further to the above, MBL had also dealt in Symphony Shares during the last 12 months before the date of this announcement (“Previous Transactions”). Pursuant to Paragraph 10.12(2)(b) of the Main Market Listing Requirements of Bursa Securities, the First Acquisition and the Proposed Acquisition are to be aggregated with the Previous Transactions as these transactions involve the acquisition and disposal of securities or interests in one particular corporation.

 

In addition to the Proposed Acquisition, MBL proposes the existing businesses of MBL and its subsidiaries to include its investment in the property investment and property development business of Symphony and its subsidiaries (“Proposed Diversification”).

 

Please refer to the attached for further details.

 

This announcement is dated 5 April 2021.




Please refer attachment below.



Announcement Info

Company Name MUAR BAN LEE GROUP BERHAD
Stock Name MBL
Date Announced 05 Apr 2021
Category General Announcement for PLC
Reference Number GA1-05042021-00113