REVENUE GROUP BERHAD ("REVENUE" OR "THE COMPANY")
PROPOSED ACQUISITION OF 51.0% EQUITY INTEREST IN INNOV8TIF HOLDINGS SDN BHD ("INNOV8TIF HOLDINGS") FOR A TOTAL CASH PURCHASE CONSIDERATION OF RM36 MILLION ("PROPOSED ACQUISITION")

We refer to your Company’s announcement dated 12 May 2023, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1. Section 2.1 – Page 1

a) As Revenue will work closely with ICSB, to also state principal activity of ICSB, the area of expertise as well as the support to be given to Revenue to reap the benefit of the Proposed Acquisition.

b) Name of director(s) and shareholder(s) together with their shareholdings in ICSB.

2. Section 2.1 – Page 2

Date of acquisition of 100% stake in Xendity by Innov8tif Holdings and the completion date thereof.

3. Section 2.1 – Pages 3 to 4

a) Financial commentary for FYE Dec 2020 and FYE 2021. To do the same for Xendity.

b) It is noted that high cost incurred would require a longer gestation period before Innov8tif Solutions Group is able to recoup the investment made to generate higher profits. As such, to explain whether REVENUE is expected to inject capital or provide funding to Innov8tif Group after the Proposed Acquisition and state the source of funding.

c) Listing of new projects that had been secured by Xendity in the FYE December 2022.

4) Section 2.2(ii) – Page 5

To clarify whether the key bases and assumptions used in arriving at the indicative Sale Shares values include Xendity’s financial data and state the reasons thereof.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,

Listing

Regulation
 

Cc : Market Surveillance Dept. , Securities Commission