TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS ICT ZONE ASIA BERHAD ("ICT ZONE ASIA" OR "THE COMPANY") (I) PROPOSED ACQUISITION; AND (II) PROPOSED SUBSCRIPTION
| ICT ZONE ASIA BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | ICT ZONE ASIA BERHAD ("ICT ZONE ASIA" OR "THE COMPANY")
(I) PROPOSED ACQUISITION; AND
(II) PROPOSED SUBSCRIPTION |
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The Board of Directors of ICT Zone Asia (“Board”) wishes to announce that the Company had on 18 November 2021, entered into the following agreements:
(i) a share sale and purchase agreement (“SSPA”) with ICT Zone Holding Sdn Bhd (“the Vendor”) for the proposed acquisition of 255,000 ordinary in CLOUDIFY.ASIA (“Sale Shares”), representing approximately 24.76% of the enlarged issued share capital of CLOUDIFY.ASIA after the completion of the Proposed Transactions (as defined herein) (approximately 51.00% of the existing issued share capital of CLOUDIFY.ASIA) for a cash consideration of RM204,000 (“Purchase Price”) (“Proposed Acquisition”); and
(ii) a share subscription agreement (“SSA”) with CLOUDIFY.ASIA for the subscription of 345,000 new ordinary shares in CLOUDIFY.ASIA, representing approximately 33.50% of the enlarged issued share capital of CLOUDIFY.ASIA, for a subscription sum of RM276,000 (“Subscription Shares”) (“Proposed Subscription”).
Upon completion of the Proposed Transactions, CLOUDIFY.ASIA will become a 58.25%-owned subsidiary of ICT Zone Asia.
Further details of the Proposed Transactions are set out in the ensuing sections of this announcement.
This Announcement is dated 18 November 2021. |
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Please refer attachment below.
Announcement Info
| Company Name | ICT ZONE ASIA BERHAD |
| Stock Name | ICTZONE |
| Date Announced | 18 Nov 2021 |
| Category | General Announcement for PLC |
| Reference Number | GA1-18112021-00113 |