TOYOVEN

1.000

-0.08 (-7.4%)

Letter Subject or Reference - UNUSUAL MARKET ACTIVITY

TOYO VENTURES HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-27122022-00001
Subject Letter Subject or Reference - UNUSUAL MARKET ACTIVITY
Description
TOYO VENTURES HOLDINGS BERHAD ("TVHB" or "the Company")
- UNUSUAL MARKET ACTIVITY
Query Letter Contents

We draw your attention to the sharp rise in price and trading volume of your Company’s shares recently (“trading activity”).

 

In light of the above and in order for investors to be able to make informed investment decisions, you are requested to respond, after making due enquiry with your directors, major shareholders and such other relevant persons, to the following queries immediately for public release in accordance with paragraph 9.11 of Listing Requirements :

1. Whether there is any corporate development relating to your Group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion. If yes, kindly provide the details including status of the corporate development to enable investors to make informed investment decisions
2. Whether there is any rumour or report concerning the business and affairs of the Group that may account for the trading activity and in this respect, you are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities LR;      
3. Whether you are aware of any other possible explanation to account for the trading activity; and       
4. Whether you are in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.


Please note that the contents of the announcement must be endorsed by the Board of Directors of the Company and the announcement must reach Bursa Securities immediately via Bursa LINK.

 

Yours faithfully,

Bursa Malaysia Securities Berhad

Reference is made to the letter from Bursa Malaysia Securities Berhad ("Bursa Securities") dated 27th December 2022 querying Toyo Ventures Holdings Berhad (“TVHB” or “the Company”) on an unusual market activity in relation to the sharp increase in price and high volume of the Company's securities recently.


The Board of Directors of TVHB wish to confirm that to the best of their knowledge and after making due enquiry with the available directors and major shareholder of the Company seeking the cause of the unusual market activity in the Company's securities, is not aware of any factors which may have contributed to the unusual market activity, save and except for:

  1. the Company proposed to settle RM354,000,000 out of the total outstanding debts as at 22 December 2022 of RM355,154,481 owing to Ng Lu Siong @ Ng Soon Huat, Eng Lian (L) Inc., and Bukit Asa Sdn Bhd through the issuance of RM354,000,000 nominal value of five (5)-year, zero coupon irredeemable convertible unsecured loan stocks in TVHB at 100% of its nominal value, which had announced on 27 December 2022; and
  2. the Company is currently finalising a contract in relation to its power plant project in Vietnam. The Company will make the relevant announcement in accordance with the Main Market Listing Requirements ("MMLR") when the contract is finalised and executed.

TVHB reiterates that, after making due enquiry with the available directors and major shareholder of the Company, apart from the above-mentioned factors, TVHB is not aware of any of the following that may have contributed to the unusual market activity:

  1. any rumour or report concerning the business and affairs of the TVHB Group that may account for the unusual market activity.

The Company undertakes that it will make the necessary announcement to Bursa Securities of any material information in compliance with the MMLR, in particular, Paragraph 9.03 of the MMLR on immediate disclosure obligations.
This announcement is dated 27th December 2022





Announcement Info

Company Name TOYO VENTURES HOLDINGS BERHAD
Stock Name TOYOVEN
Date Announced 27 Dec 2022
Category General Announcement for PLC
Reference Number GA1-27122022-00042