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MULTIPLE PROPOSALS EASTLAND EQUITY BHD. ("EASTLAND" OR "COMPANY") (I) PROPOSED ACQUISITION; (II) PROPOSED CAPITAL REDUCTION; AND (III) PROPOSED DIVERSIFICATION (COLLECTIVELY, REFERRED TO AS THE "PROPOSALS")

EASTLAND EQUITY BHD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
EASTLAND EQUITY BHD. ("EASTLAND" OR "COMPANY")

(I)	PROPOSED ACQUISITION; 

(II)	PROPOSED CAPITAL REDUCTION; AND

(III)	PROPOSED DIVERSIFICATION

(COLLECTIVELY, REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of Eastland (“Board”), Malacca Securities Sdn. Bhd. (“Malacca Securities”) wishes to announce that the Company proposes to undertake the following:-

 

(i)       FBO Land (Setapak) Sdn. Bhd. ("FBO Land”), a wholly-owned subsidiary of Eastland, had on 18 March 2022 entered into a conditional sale and purchase agreement (“CSPA”) with Eastland, Top Land Resources Sdn. Bhd. (“Top Land” or the “Developer”), Mentiga Development & Construction Sdn Bhd (“Mentiga” or the “Proprietor”) and Leading Ventures Sdn. Bhd. (“LV”), to acquire 92 commercial units comprising the ground and first floor within 46 stratified 2-storey shop/offices within Bandar Tun Razak Business Park, 26400 Bandar Tun Abduk Razak Jengka, Maran, Pahang Darul Makmur (“Properties”), for a total purchase consideration of RM24,800,000 (“Purchase Consideration”) which will be satisfied via the issuance of 381,538,461 new ordinary shares in Eastland (“Eastland Shares” or “Shares”) (“Consideration Shares”) at an issue price of RM0.065 each (“Issue Price”), subject to the terms and conditions of the CSPA (“Proposed Acquisition”);

 

(ii)       proposed capital reduction exercise comprising:-

 

           (a)       proposed reduction from the capital reserve account of Eastland (“Proposed Capital Reserve Reduction”); and

 

           (b)       proposed reduction in the share capital of Eastland, pursuant to Section 116 of the Companies Act, 2016 (“Act”) to reduce the share capital of Eastland (“Proposed Share Capital Reduction”)

 

          (collectively, referred to as the “Proposed Capital Reduction”); and

 

(iii)       proposed diversification of the existing principal activities of Eastland and its subsidiaries (“Eastland Group” or “Group”) to include renewable energy and energy efficiency related technology and businesses (“Energy Related Business”) (“Proposed Diversification”).

 

Further details of the Proposals are set out in the attachment below.

 

This announcement is dated 18 March 2022.




Please refer attachment below.

Attachments

Eastland - Proposals.pdf
506.5 kB



Announcement Info

Company Name EASTLAND EQUITY BHD
Stock Name EASTLND
Date Announced 18 Mar 2022
Category General Announcement for PLC
Reference Number GA1-18032022-00051