SYSTECH

0.445

+0.025 (+6%)

MULTIPLE PROPOSALS SYSTECH BHD ("SYSTECH" OR THE "COMPANY") (I) PROPOSED SHARES ISSUANCE; (II) PROPOSED ACQUISITION; (III) PROPOSED BONUS ISSUE OF WARRANTS; AND (IV) PROPOSED ESS (COLLECTIVELY, REFERRED TO AS THE "PROPOSALS")

SYSTECH BHD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
SYSTECH BHD ("SYSTECH" OR THE "COMPANY")

(I)	PROPOSED SHARES ISSUANCE;
(II)	PROPOSED ACQUISITION;
(III)	PROPOSED BONUS ISSUE OF WARRANTS; AND
(IV)	PROPOSED ESS

(COLLECTIVELY, REFERRED TO AS THE "PROPOSALS")

Reference is made to the Company’s earlier announcements dated 22 December 2023, 2 February 2024 and 11 March 2024 in relation to the Proposals (“Earlier Announcements”). Unless states otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcements.

 

On behalf of the Board, Malacca Securities wishes to announce that Bursa Securities had vide its letter dated 22 March 2024, resolved to approve the following:

 

  1. Listing and quotation of 144,000,000 new Systech Shares to be issued pursuant to the Proposed Shares Issuance;
  2. Listing and quotation of 152,777,777 Consideration Shares to be issued pursuant to the Proposed Acquisition;
  3. Admission to the Official List and listing and quotation of up to 160,656,399 Warrants to be issued pursuant to the Proposed Bonus Issue of Warrants;
  4. Listing and quotation of up to 160,656,399 new Systech Shares to be issued arising from the exercise of the Warrants; and
  5. Listing and quotation of such number of new Systech Shares, representing up to 15% of the Company's total number of issued shares (excluding treasury shares, if any), to be issued pursuant to the Proposed ESS.

 

The approval granted by Bursa Securities for the Proposed Acquisition is subject to the following conditions:

 

  1. Systech and Malacca Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Acquisition;
  2. Systech and Malacca Securities to inform Bursa Securities upon the completion of the Proposed Acquisition;
  3. Systech to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Acquisition is completed;
  4. Compliance by Systech with the public shareholding spread upon completion of the Proposed Acquisition and upon completion of the profit guarantee period. In this connection, Malacca Securities is to furnish a schedule containing the information set out in Appendix 8E, Chapter 8 of the Listing Requirements to Bursa Securities, prior to the allotment and issuance of the Consideration Shares; and
  5. Systech to furnish Bursa Securities with a certified true copy of the resolutions passed by the shareholders in a general meeting approving the Proposed Acquisition and Proposed Shares Issuance.

 

 

The approval granted by Bursa Securities for the Proposed ESS is subject to the following conditions:

 

  1. Malacca Securities is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESS pursuant to Rule 6.44(1) of the Listing Requirements and stating the effective date of implementation;
  2. Malacca Securities is required to submit a certified true copy of the resolution passed by the shareholders in a general meeting approving the Proposed ESS; and
  3. Systech is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the Proposed ESS, as at the end of each quarter together with a detailed computation of listing fees payable.

 

The approval granted by Bursa Securities for the Proposed Shares Issuance and Proposed Bonus Issue of Warrants is subject to the following conditions:

 

  1. Systech and Malacca Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Shares Issuance and Proposed Bonus Issue of Warrants;
  2. Systech and Malacca Securities to inform Bursa Securities upon the completion of the Proposed Shares Issuance and Proposed Bonus Issue of Warrants;
  3. Systech to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Shares Issuance and Proposed Bonus Issue of Warrants are completed; and
  4. Systech to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter together with a detailed computation of listing fees payable.

 

This announcement is dated 22 March 2024.

 






Announcement Info

Company Name SYSTECH BHD
Stock Name SYSTECH
Date Announced 22 Mar 2024
Category General Announcement for PLC
Reference Number GA1-22032024-00065