TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS HO WAH GENTING BERHAD ("HWGB" OR THE "COMPANY") (I) PROPOSED ACQUISITION BY HWG FINTECH PROPERTY SDN. BHD., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF HWGB, OF PROPERTIES, COMPRISING OF: (A) 8 UNITS OF SERVICE APARTMENT LOCATED WITHIN VORTEX SUITES & RESIDENCES @ KLCC FOR A PURCHASE CONSIDERATION OF RM7,410,000; AND (B) 11 UNITS OF CONDOMINIUM LOCATED WITHIN RESIDENSI ISKANDAR FOR A PURCHASE CONSIDERATION OF RM7,842,000 (II) PROPOSED AMENDMENTS TO THE CONSTITUTION OF HWGB
| HO WAH GENTING BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | HO WAH GENTING BERHAD ("HWGB" OR THE "COMPANY")
(I) PROPOSED ACQUISITION BY HWG FINTECH PROPERTY SDN. BHD., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF HWGB, OF PROPERTIES, COMPRISING OF:
(A) 8 UNITS OF SERVICE APARTMENT LOCATED WITHIN VORTEX SUITES & RESIDENCES @ KLCC FOR A PURCHASE CONSIDERATION OF RM7,410,000; AND
(B) 11 UNITS OF CONDOMINIUM LOCATED WITHIN RESIDENSI ISKANDAR FOR A PURCHASE CONSIDERATION OF RM7,842,000
(II) PROPOSED AMENDMENTS TO THE CONSTITUTION OF HWGB |
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We refer to the announcements dated 15 June 2022, 29 July 2022, 19 August 2022, 29 August 2022 and 30 August 2022 in relation to the Proposals ("Announcements"). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.
On behalf of the Board, Kenanga IB wishes to announce that HWG Fintech and HWGB had on 22 September 2022 mutually agreed with Vendor A and Vendor B to terminate the Vortex Residences SPA and Residensi Iskandar SPA respectively, due to recent global market and economic uncertainties and volatility. Pursuant thereto, HWG Fintech, HWGB, Vendor A and Vendor B have entered into agreements to mutually terminate the Proposed Acquisitions (“Termination Agreements”).
Consequential to the Termination Agreements, the Company will not proceed with the Proposed Acquisitions and Proposed Amendments, respectively. Therefore, the ordinary resolutions and special resolution as set out in the agenda of the Notice of EGM dated 30 August 2022 will be withdrawn and not put forward for voting at the forthcoming EGM scheduled on 28 September 2022.
A copy each of the Termination Agreements is available for inspection at the registered office of the Company for a period of 1 month from the date of this announcement.
This announcement is dated 23 September 2022. |
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Announcement Info
| Company Name | HO WAH GENTING BERHAD |
| Stock Name | HWGB |
| Date Announced | 23 Sep 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-23092022-00040 |