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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS DIVERSIFIED GATEWAY SOLUTIONS BERHAD ("DGSB" OR "COMPANY") PROPOSED INVESTMENT; AND PROPOSED DIVERSIFICATION (COLLECTIVELY, THE "PROPOSALS")

DIVERSIFIED GATEWAY SOLUTIONS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
DIVERSIFIED GATEWAY SOLUTIONS BERHAD ("DGSB" OR "COMPANY") 

PROPOSED INVESTMENT; AND
PROPOSED DIVERSIFICATION

(COLLECTIVELY, THE "PROPOSALS")

Unless otherwise defined, the abbreviated terms used herein shall be the same as those used in the earlier announcements in relation to the Proposals.

 

On behalf of the Board, M&A wishes to announce that the Vendors and PSSB have mutually agreed to terminate the SSSA dated 29 October 2020, by way of a termination agreement dated 30 July 2021.

 

The Board (save for the interested Directors), after having considered all aspects of the continuing Covid-19 uncertainties and the changing business conditions in the glove manufacturing industry, is of the opinion that proceeding with the Proposals may not meet the rationale for the Proposals as set out in our EGM Circular dated 5 April 2021, which is an interim proposal towards regularising DGSB’s condition as an affected listed corporation (“ALC”) pursuant to Rule 8.03A (3)b of the Listing Requirements.

 

Nonetheless, the Board will continue to evaluate other avenues to formulate a regularisation plan for DGSB in relation to being classified as an ALC pursuant to Rule 8.03A of the Listing Requirements.

 

This announcement is dated 30 July 2021.






Announcement Info

Company Name DIVERSIFIED GATEWAY SOLUTIONS BERHAD
Stock Name DGSB
Date Announced 30 Jul 2021
Category General Announcement for PLC
Reference Number GA1-30072021-00092