TANCO

0.845

+0.005 (+0.6%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS TANCO HOLDINGS BERHAD ("TANCO" OR THE "COMPANY") PROPOSED ACQUISITION BY PALM SPRINGS RESORT MANAGEMENT BERHAD ("PSRMB"), A SUBSIDIARY INDIRECTLY OWNED BY TANCO OF 250,500 ORDINARY SHARES IN GPLEX PROPERTIES SDN BHD ("GPSB"), REPRESENTING 50.1% OF THE ENTIRE EQUITY INTEREST IN GPSB FROM GOOGOLPLEX HOLDINGS BERHAD ("GHB" OR "VENDOR") FOR A TOTAL PURCHASE CONSIDERATION OF RM20,000,000 TO BE FULLY SATISFIED VIA CASH ("PROPOSED ACQUISITION")

TANCO HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
TANCO HOLDINGS BERHAD ("TANCO" OR THE "COMPANY")

PROPOSED ACQUISITION BY PALM SPRINGS RESORT MANAGEMENT BERHAD ("PSRMB"), A SUBSIDIARY INDIRECTLY OWNED BY TANCO OF 250,500 ORDINARY SHARES IN GPLEX PROPERTIES SDN BHD ("GPSB"), REPRESENTING 50.1% OF THE ENTIRE EQUITY INTEREST IN GPSB FROM GOOGOLPLEX HOLDINGS BERHAD ("GHB" OR "VENDOR") FOR A TOTAL PURCHASE CONSIDERATION OF RM20,000,000 TO BE FULLY SATISFIED VIA CASH ("PROPOSED ACQUISITION")

The board of directors of Tanco ("Board") is pleased to announce that PSRMB, a subsidiary indirectly owned by the Company had, on 7 February 2023, entered into a share sale agreement ("SSA") with GHB, being the vendor for the proposed acquisition by PSRMB of 250,500 ordinary shares in the GPSB ("Sale Shares") representing 50.1% of the entire equity interest of GPSB for a total purchase consideration of RM20,000,000 ("Purchase Consideration") to be fully satisfied via cash ("Proposed Acquisition").

 

In conjunction with the Proposed Acquisition, PSRMB had on 7 February 2023 entered into the following agreements:-

 

(a) shareholders’ agreement (“SHA”) with the Vendor and GPSB to record their respective obligations towards each other in the GPSB in which the SHA will come into force and effect upon the completion of the SSA; and

 

(b) a profit guarantee agreement (“PGA”) with the Vendor, Liang Tian Kiat, Ong Siang Long, Chao Miew San and Liang Tian Jing (collectively, referred to as the "Guarantors") and GPSB.

 

(the SSA, SHA and PGA are collectively referred to as the “Agreements”).

 

Please refer to the attachment for further details of the Proposed Acquisition.

 

 

This announcement is dated 7 February 2023.




Please refer attachment below.



Announcement Info

Company Name TANCO HOLDINGS BERHAD
Stock Name TANCO
Date Announced 07 Feb 2023
Category General Announcement for PLC
Reference Number GA1-07022023-00063