HHRG

0.230

(%)

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

HHRG BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-22042024-00001
Subject ACQUISITION OF 51% EQUITY INTEREST IN PKB OPEN ROAD (SP CIRCUIT) SDN BHD ("PKBOR") AND ORIC DEVELOPMENT (SP) SDN BHD ("ORICD") BY HHRG BERHAD, FOR A TOTAL CASH CONSIDERATION OF RM40,000,000 ("ACQUISITIONS")
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
Query Letter Contents

We refer to your Company’s announcement dated 18 April 2024 (“Announcement”), in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The amount of the earnest deposit and date of payment by HHRG Berhad.
2) The terms of arrangement for payment of the purchase consideration.
3) The net profits and net asset value of PKBOR and ORICD based on their latest audited financial statements. In this regard, to specify the relevant financial year.
4) To quantify the audited net assets and net assets per share of PKBOR and ORICD which forms the basis of the purchase consideration.
5) The following information in respect of the Land (as defined in the Announcement):

  • The latest audited net book value.
  • The date and method of valuation as set out in the certificate of valuation dated 17 April 2024.
  • The details of the intended development, as per item (4), Part C, Appendix 10A of the ACE Market Listing Requirements.
  • In respect of the registered owner, to state “MBKI” in full.
  • It is stated in Section 2.3 of the Announcement that the Land is jointly owned by PKBOR and ORICD. To reconcile with the named registered owner (i.e. MBKI) and/or to clarify MBKI’s relationship with PKBOR and ORICD.

6) The indirect shareholdings of the director and substantial shareholders of Open Road World Sdn Bhd in the company.

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 

Reference is made to the Company’s announcement dated 18 April 2024 and the query from Bursa Malaysia Securities Berhad vide its letter dated  22 April 2024 in relation to the same.


Please refer to the attachment below for the details.

 

This announcement is dated 22 April 2024.

 



Please refer attachment below.



Announcement Info

Company Name HHRG BERHAD
Stock Name HHRG
Date Announced 22 Apr 2024
Category General Announcement for PLC
Reference Number GA1-22042024-00051