STRAITS

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MULTIPLE PROPOSALS STRAITS ENERGY RESOURCES BERHAD (FORMERLY KNOWN AS STRAITS INTER LOGISTICS BERHAD) ("STRAITS" OR THE "COMPANY") I. PROPOSED PRIVATE PLACEMENT; II. PROPOSED ACQUISITION; AND III. PROPOSED CALL OPTION

STRAITS ENERGY RESOURCES BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
STRAITS ENERGY RESOURCES BERHAD (FORMERLY KNOWN AS STRAITS INTER LOGISTICS BERHAD) ("STRAITS" OR THE "COMPANY")

I.	PROPOSED PRIVATE PLACEMENT;

II.	PROPOSED ACQUISITION; AND

III.	PROPOSED CALL OPTION

On behalf of the Board of Directors of Straits ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that the Company proposes to undertake the following:-

i. a private placement of up to 20% of the total number of issued shares of Straits (excluding treasury shares) to third party investor(s) to be identified later ("Proposed Private Placement"). For avoidance of doubt, the Proposed Private Placement is not undertaken in accordance with a general mandate pursuant to Sections 75 and 76 of the Companies Act 2016 ("Act"). As such, the Proposed Private Placement is subject to specific shareholder approval pursuant to Rule 6.06 of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements");

ii. an acquisition of 270,000 ordinary shares in Sinar Maju Logistik Sdn Bhd ("Sinar Maju") ("Sale Share(s)"), representing 90% equity interest in Sinar Maju, from Tan Sri Mohd Bakri Bin Mohd Zinin ("Tan Sri Mohd Bakri" or the "Vendor") for a purchase consideration of RM16,380,000 ("Purchase Consideration") to be satisfied entirely via cash ("Proposed Acquisition"); and

iii. the granting by the Vendor to Straits of a call option ("Call Option") for Straits to acquire all the remaining ordinary shares in Sinar Maju ("Sinar Maju Share(s)") to be held by the Vendor after the completion of the Proposed Acquisition ("Call Options Share(s)"), representing 10% equity interest in Sinar Maju, for a purchase consideration of RM1,820,000 ("Call Option Price") to be satisfied entirely via cash in a single transaction by serving a written notice to the Vendor ("Call Option Notice") ("Proposed Call Option").

For shareholders' information, the Call Option may be exercised at any time during a period of 30 months commencing from the completion of the Proposed Acquisition ("Call Option Period").

(The Proposed Private Placement, Proposed Acquisition and Proposed Call Option are collectively referred to as the "Proposals").

 

This announcement is dated 25 October 2021.




Please refer attachment below.



Announcement Info

Company Name STRAITS ENERGY RESOURCES BERHAD
Stock Name STRAITS
Date Announced 25 Oct 2021
Category General Announcement for PLC
Reference Number GA1-25102021-00139