TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS TEK SENG HOLDINGS BERHAD ("TEK SENG" OR "THE COMPANY") PROPOSED ACQUISITION BY WANGSAGA INDUSTRIES SDN BHD ("WISB"), A WHOLLY-OWNED SUBSIDIARY OF TEK SENG AND TEK SENG PROPERTIES & DEVELOPMENT SDN BHD ("TPSB") (COLLECTIVELY, THE "PURCHASERS") TO JOINTLY ACQUIRE A PARCEL OF INDUSTRIAL LAND FORMED BY NINE (9) ADJOINING LOTS AND WAREHOUSE AND STRUCTURE FOR A CASH CONSIDERATION OF RM46,962,465 ("ACQUISITION")
| TEK SENG HOLDINGS BERHAD |
| Type | Announcement | ||||||||||||||||||||
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
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| Description | TEK SENG HOLDINGS BERHAD ("TEK SENG" OR "THE COMPANY")
PROPOSED ACQUISITION BY WANGSAGA INDUSTRIES SDN BHD ("WISB"), A WHOLLY-OWNED SUBSIDIARY OF TEK SENG AND TEK SENG PROPERTIES & DEVELOPMENT SDN BHD ("TPSB") (COLLECTIVELY, THE "PURCHASERS") TO JOINTLY ACQUIRE A PARCEL OF INDUSTRIAL LAND FORMED BY NINE (9) ADJOINING LOTS AND WAREHOUSE AND STRUCTURE FOR A CASH CONSIDERATION OF RM46,962,465 ("ACQUISITION") |
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(Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcements dated 14 January 2021 and 19 January 2021 (“Announcements”))
Further to the Announcements, the Board wishes to announce that the Acquisition is deemed a related party transaction pursuant to Paragraph 10.08 of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad (“MMLR”) by virtue of the interest of the interested directors, major shareholders of Tek Seng, namely LKB and LKC and persons connected with them, TPSB.
Details of their shareholdings are as follows:
In view of the above, the Company is required to:
(i) obtain Tek Seng’s shareholders’ approval at an extraordinary general meeting to be convened;
(ii) appoint an independent adviser to evaluate, advice and provide recommendation to the Board (Save for the interested Directors) and the non-interested shareholders on the Acquisition pursuant to Paragraph 10.08(2) of the MMLR; and
(iii) a valuation report on the Acquisition will be prepared and submitted to Bursa Malaysia Securities Berhad, pursuant to Paragraph 10.0(1) of the MMLR.
Announcement on further development of the Acquisition will be made in due course.
This Announcement is dated 07 April 2021. |
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Announcement Info
| Company Name | TEK SENG HOLDINGS BERHAD |
| Stock Name | TEKSENG |
| Date Announced | 07 Apr 2021 |
| Category | General Announcement for PLC |
| Reference Number | GA1-07042021-00064 |