HHRG

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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS HHRG BERHAD (FORMERLY KNOWN AS HENG HUAT RESOURCES GROUP BERHAD) ('HHRG" OR "THE COMPANY") ACQUISITION OF A 51% EQUITY INTEREST IN PKB OPEN ROAD (SP CIRCUIT) SDN BHD AND ORIC DEVELOPMENT (SP) SDN BHD BY HHRG, FOR A TOTAL CASH CONSIDERATION OF RM40,000,000.00

HHRG BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
HHRG BERHAD (FORMERLY KNOWN AS HENG HUAT RESOURCES GROUP BERHAD) ('HHRG" OR "THE COMPANY")

ACQUISITION OF  A 51% EQUITY INTEREST IN PKB OPEN ROAD (SP CIRCUIT) SDN BHD AND ORIC DEVELOPMENT (SP) SDN BHD BY HHRG, FOR A TOTAL CASH CONSIDERATION OF RM40,000,000.00

The Board of Directors (“Board”) of HHRG wishes to announce that it had, on 18 April 2024, offered to acquire from Open Road World Sdn Bhd (“ORW” or the “Vendor”), 51,000 Ordinary Shares in PKB Open Road (SP Circuit) Sdn Bhd (“PKBOR”) and 51 Ordinary Shares in ORIC Development (SP) Sdn Bhd (“ORICD”), representing a 51% equity interest each in PKBOR and ORICD, for a total cash consideration of RM40,000,000.00 (the "Purchase Consideration"). ORW had, on18 April 2024, agreed to and accepted the offer from the Company as stipulated in the Letter of Intent dated 18 April 2024 (the “LOI”) (the “Acquisition”)

 

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

 

This announcement  is dated 18 April 2024.




Please refer attachment below.

Attachments

HHRG -ANN PKB ORIC(Final).pdf
140.9 kB



Announcement Info

Company Name HHRG BERHAD
Stock Name HHRG
Date Announced 18 Apr 2024
Category General Announcement for PLC
Reference Number GA1-17042024-00033