BNASTRA

1.730

(%)

OTHERS COMINTEL CORPORATION BHD ("COMCORP" OR THE "COMPANY") ACQUISITION OF SUBSTANTIAL STAKES IN COMCORP

COMINTEL CORPORATION BHD

Type Announcement
Subject OTHERS
Description
COMINTEL CORPORATION BHD ("COMCORP" OR THE "COMPANY")

ACQUISITION OF SUBSTANTIAL STAKES IN COMCORP

Reference is made to the Company’s announcement dated 7 January 2022 (“Announcement”). Unless otherwise stated, all definitions and terms used shall have the same meaning as defined in the Announcement.

 

The Company wishes to inform that it has on 1 June 2022 received a notification from JTC informing that JTC had, pursuant to the Company’s proposed revision to the proposed regularisation plan as announced by the Company on even date (“Proposed Revision”), entered into a supplemental subscription agreement with Comcorp to vary, amongst others, a reduction in the number of Subscription Shares to be subscribed by JTC from 206,125,000 Subscription Shares to 145,000,000 Subscription Shares (“JTC Supplemental Subscription Agreement”).

 

For avoidance of doubt, the Proposed Revision does not affect the subscription by JTC of 70.0 million RCPS as per the Subscription Agreement as well as the subscription price of RM0.08 each for the Subscription Share and RCPS respectively.

 

Accordingly, JTC’s shareholdings in Comcorp after the Acquisition and Proposed Subscription shall be revised as follow: 

 

 

 

 

 

 

 

 

Based on the Subscription Agreement

Based on the JTC Supplemental Subscription Agreement

No. of Comcorp Shares

%

No. of Comcorp Shares

%

                   277,181,870

       72.47

                  216,056,870

        56.49

 

Notwithstanding the above, upon the JTC Supplemental Subscription Agreement becomes unconditional which simultaneously renders the SSA unconditional, JTC will still be obliged to extend an unconditional mandatory take-over offer to acquire all the remaining 166,443,130 Comcorp Shares (“MGO”), representing approximately 43.51% shareholdings in the enlarged share capital of Comcorp (excluding treasury shares and prior to the conversion of the RCPS), not already held, acquired and/or to be acquired by JTC at a cash consideration of RM0.15 per Comcorp Share pursuant to the Rules.

 

For information purposes, the Company had also on even date announced that Comcorp had obtained undertakings from other investors who will be subscribing to new Comcorp Shares pursuant to the proposed private placement in respect of their shareholdings amounting to an aggregate of 97,500,000 Comcorp Shares (or 25.49% of the enlarged share capital of Comcorp) to not accept the MGO.

 

Please refer to the attached JTC’s press notice dated 1 June 2022 for further details.

 

This announcement is dated 1 June 2022.

 

 




Please refer attachment below.



Announcement Info

Company Name COMINTEL CORPORATION BHD
Stock Name COMCORP
Date Announced 01 Jun 2022
Category General Announcement for PLC
Reference Number GA1-01062022-00046