HONGSENG

3.320

-0.08 (-2.4%)

HEADS OF AGREEMENT (HOA)

HONG SENG CONSOLIDATED BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-12102021-00001
Subject HEADS OF AGREEMENT (HOA)
Description
REPLY TO THE QUERY FROM BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES")

HONG SENG CONSOLIDATED BERHAD (FORMERLY KNOWN AS MSCM HOLDINGS BERHAD) ("HONG SENG" OR THE "COMPANY") AND ITS SUBSIDIARIES ("HONG SENG GROUP" OR THE "GROUP") - HEADS OF AGREEMENT FOR THE PROPOSED ACQUISITION OF 51% EQUITY INTEREST IN POW POCKET SDN BHD
Query Letter Contents

We refer to your Company’s announcement dated 8 October 2021, in respect of the aforesaid matter.


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

 

1.       The consolidated net profits and net assets of Pow Pocket Sdn Bhd (“Pow Pocket”) based on its latest audited financial statements.

 

2.       The particulars of all liabilities, including contingent liabilities and guarantees to be assumed by HS Bio Sdn Bhd (“HSBio”)/Hong Seng Consolidated Berhad (“Hong Seng”) arising from the HOA.

 

3.       The expected launch date of Immunise.

 

4.       The basis of arriving at the purchase consideration for the Sale Shares of RM200 million, other than on a “willing buyer willing seller” basis. If it was based on net assets, the year the net assets were taken into consideration, quantifying the net assets and stating whether it was based on audited financial statements;

 

5.       A statement as to whether the profit guarantee of RM400 million of Pow Pocket is realistic.

 

6.       The details of HSBio’s right of recourse in the event the profit guarantee is not met.

 

7.       The prospects of Pow Pocket.

 

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

 

Yours faithfully,

 


LISTING

REGULATION

 

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

We refer to the Company's announcement made on 8 October 2021 (“Announcement”) and the query from Bursa Securities dated 12 October 2021 ("Query") in relation to the HOA for the Proposed Acquisition of Pow Pocket.

 

Unless otherwise stated, defined terms used in this reply shall carry the same meanings as defined in the Announcement.

 

Please refer to the attachment for additional information pursuant to the Query.



Please refer attachment below.



Announcement Info

Company Name HONG SENG CONSOLIDATED BERHAD
Stock Name HONGSENG
Date Announced 14 Oct 2021
Category General Announcement for PLC
Reference Number GA1-14102021-00025