Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment")
| MQ TECHNOLOGY BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-23062022-00002 |
| Subject | Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment") |
| Description | MQ TECHNOLOGY BERHAD ("MQ Tech" or "the Company")
-Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment") |
| Query Letter Contents | We refer to your Company’s announcement dated 20 June 2022 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, REGULATION
Cc : Market Surveillance Dept., Securities Commission (via email) |
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Reference is made to the Company's announcement dated 20 June 2022 in respect of redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited.
1. The sources of funding for the Subscription Consideration and the breakdown thereof. - At the time of signing the Agreement, there is no consideration to be paid for subscription of redeemable preference share. In the Agreement, no payment is due and if payment is to be made, it must be mutually agreed upon. The source of funding, if any will be internally generated fund.
2. Principal business of Capricorn. - Principal business of Capricorn is Blockchain Technology Development.
3. Redemption rate of the RPS. - Redemption rate is 8% pa and the period of Agreement is three (3) years from Agreement date.
4. The percentage ratio of the Investment. - The highest percentage ratio is 1.2%.
This announcement is dated 24 June 2022. |
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Announcement Info
| Company Name | MQ TECHNOLOGY BERHAD |
| Stock Name | MQTECH |
| Date Announced | 24 Jun 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-24062022-00084 |