JOE HOLDNG BERHAD (FORMERLY KNOWN AS GPA HOLDINGS BERHAD) ("JOE" OR "THE COMPANY")
-  ADDITIONAL INFORMATION ON SUBSCRIPTION OF 249,720,000 RIGHTS SHARES TOGETHER WITH 145,670,000 FREE WARRANTS IN PASUKHAS GROUP BERHAD BY GP AUTOBAT SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

We refer to JOE’s announcement dated 21 July 2021 in respect of the aforesaid matter.
 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:

1)    The total cost to subscribe for the 249,720,00 rights shares in PASUKGB (including the acquisition cost of the               rights to subscribe for the rights shares) and the updated highest percentage ratio.

2)    Other than the synergies with regard to the construction of the gloves factories, to provide further justification to             subscribe for the rights shares in PASUKGB taking into consideration that the principal business activities of                 PASUKGB and JOE are not similar.

3)    Whether the subscription tantamount to diversification in operations of the Company pursuant to Paragraph 10.13         of the Main Market Listing Requirements, together with the basis thereof.

4)    The Company undertook a series of fund raising exercises in 2020 and 2021 (two private placements in 2020 and         2021 respectively and rights issue in 2021) to raise funds for its gloves business. In this regard, to provide                     detailed justification to subscribe for the rights shares in PASUKGB which is funded from internally generated                 funds while the Company needs to undertake various fund raising exercises to fund its existing gloves business.  

5)    Future plans of the Group on PASUKGB given the substantial shareholdings of 21.58% in PASUKGB.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

Listing

Regulation

c.c.: Market Surveillance Dept., Securities Commission (via fax)