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MULTIPLE PROPOSALS HAI-O ENTERPRISE BERHAD ("HAI-O ENTERPRISE" OR THE "COMPANY") (I) PROPOSED INTERNAL REORGANISATION; (II) PROPOSED TERMINATION OF EXISTING ESOS; AND (III) PROPOSED NEW ESOS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

HAI-O ENTERPRISE BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
HAI-O ENTERPRISE BERHAD ("HAI-O ENTERPRISE" OR THE "COMPANY")
 
(I)	PROPOSED INTERNAL REORGANISATION; 
(II)	PROPOSED TERMINATION OF EXISTING ESOS; AND 
(III)	PROPOSED NEW ESOS 

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

The terms used herein shall have the same meaning as those defined in the announcement made on 19 January 2021 unless otherwise stated.

 

We refer to the previous announcements dated 19 January 2021, 4 February 2021, 8 March 2021, 9 March 2021, 5 April 2021, 9 April 2021, 27 April 2021, 19 May 2021, 31 May 2021, 24 June 2021, 16 July 2021 and 23 July 2021 in relation to the Proposed Internal Reorganisation.

 

Further to the Company’s announcement dated 23 July 2021 pertaining to the approval from the High Court with conditions on the Scheme of Arrangement pursuant to Section 366 of the Act in relation to the Proposed Internal Reorganisation (“Court Order”), on behalf of the Board, UOBKH wishes to append herewith the conditions being imposed by the High Court as follows:-

  1. a copy of the Court Order and the scheme of Internal Reorganisation shall be served by the Hai-O Enterprise (“Applicant”) upon each lender or financial institution who as at this date has granted any loan or facility to the Applicant or its subsidiary and the Court Order shall only become unconditional upon the lapse of 1 month from the date of the said service without any objection filed by any lender or financial institution or, in the event of such objection being filed, upon the High Court’s disposal of the said objection in favour of the Applicant;
  2. within a period of 3 months after the Court Order has become unconditional pursuant to order (1) above, the Applicant or its subsidiary shall not carry out any inter-company transfer or assignment of property, assets and/or accounts receivable in excess of the cumulative value of RM5,000,000 without any prior approval of the High Court;
  3. pursuant to subsection 366(7) of the Act, the period for complying with the requirement of subsection 366(6) of the Act is limited to 6 months after the date the Court Order has become unconditional pursuant to order (1) above; and
  4. the Applicant is at liberty to apply.

This announcement is dated 26 July 2021.






Announcement Info

Company Name HAI-O ENTERPRISE BERHAD
Stock Name HAIO
Date Announced 26 Jul 2021
Category General Announcement for PLC
Reference Number GA1-26072021-00088