SIGN

0.970

+0.03 (+3.2%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SIGNATURE INTERNATIONAL BERHAD ("SIGN" OR THE "COMPANY") - PROPOSED ACQUISITION OF 51% EQUITY INTEREST IN SPACE ALLIANCE CONTRACTS SDN. BHD. BY THE COMPANY FOR A CASH CONSIDERATION OF RM15.3 MILLION - UPDATE

SIGNATURE INTERNATIONAL BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SIGNATURE INTERNATIONAL BERHAD ("SIGN" OR THE "COMPANY")
- PROPOSED ACQUISITION OF 51% EQUITY INTEREST IN SPACE ALLIANCE CONTRACTS SDN. BHD. BY THE COMPANY FOR A CASH CONSIDERATION OF RM15.3 MILLION - UPDATE

Unless otherwise defined, all terms used herein shall have the same meanings as those defined in the announcement of 16 December 2021.

Further to the Company’s announcements made on 16 December 2021 and 17 March 2022, the Board of Directors of the Company wishes to announce that the Company had on 25 March 2022 entered into a supplemental share sale agreement with the Vendors (“Supplemental SSA”) to vary and modify the terms in the Share Sale Agreement dated 16 December 2021, whereupon: -

  1. The Parties agreed to reduce the Purchase Consideration from RM15,300,000 to RM14,611,500;
  2. The Parties will complete the sale and purchase of the Sale Shares on the date of the Supplemental SSA;
  3. The Vendors agree to guarantee that the Group’s audited consolidated PAT for FYE 31 December 2021 shall be of not less than RM2,450,000 and the Group’s Audited Combined NAV as at 31 December 2021 of not less than RM27,200,000; and
  4. The Vendors also undertake to cause and procure the trade receivables of the Group to be recovered and contract assets to be certified by the closing of the next financial year or within the contract period, whichever the later, or such further period to be mutually agreed by the Parties, failing which the Vendors shall keep the Purchaser indemnified against all losses, damages whatsoever arising from the collectability of the trade receivables and the contract assets of the Group.

In this respect, the Company had on 25 March 2022 completed the Proposed Acquisition.

This announcement is dated 25 March 2022.






Announcement Info

Company Name SIGNATURE INTERNATIONAL BERHAD
Stock Name SIGN
Date Announced 25 Mar 2022
Category General Announcement for PLC
Reference Number GA1-23032022-00039