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MEMORANDUM OF AGREEMENT BETWEEN KPOWER ENGINEERING SDN BHD (“KPENG”)
(FORMERLY KNOWN AS HYPERGIZE LINK SDN BHD), A WHOLLY OWNED SUBSIDIARY OF
KPOWER AND PUBLIC ISLAMIC BANK BERHAD (“PIBB”)
company sharebuyback is happening on almost all counters and need yearly approval from the shareholder during AGM. Basically it just mean that shareholders approve and allow a company to buyback own share, usually to support the company share price (happened to topglove and supermx last month)
fyi,total bid for kpower is 3.18 billion, and u cant expect kpower win all those contract as company has limited resources. What you need to really look into is whether company can.achieve 2billion order book target in 2021.
share split/bonus issue need to wait till after AGM. Cause need to get approval from shareholders... but usually sure approved on la... Karim alone already holding almost 34% of share + mustakim and others surely more than 50%
On behalf of the Board of Directors of KPower ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOB Kay Hian") wishes to announce that the Company proposes to undertake the following:-
(i) share split involving a subdivision of every 1 existing ordinary share in KPower ("KPower Share(s)" or "Share(s)") held on an entitlement date to be determined and announced by the Board at a later date ("Share Split Entitlement Date") into 4 KPower Shares ("Subdivided Shares") ("Proposed Share Split"); and
(ii) issuance of up to 150,776,882 free warrants in KPower ("Warrant(s)") on the basis of 1 Warrant for every 3 Subdivided Shares held on an entitlement date, which will be after the Share Split Entitlement Date, to be determined and announced later by the Board ("Warrants Entitlement Date") ("Proposed Issuance of Free Warrants").
The Proposed Share Split and Proposed Issuance of Free Warrants are collectively referred to as the "Proposals". Further details of the Proposals are set out in the attachment enclosed.
The 5-year warrants, which have an illustrative exercise price of MYR2.50 per warrant, are valued at MYR0.59 apiece. Although the proposed free warrants will not raise any immediate funds, upon full exercise of these warrants,
KUMP POWERNET: (KPB MK, CP: MYR4.40, Not Rated) Splitting shares to make it cheaper for all, and free warrants!
Maybank IB Retail Research
Kumpulan Powernet (KPower) announced to undertake the following:
1) Share split involving a subdivision of every 1 existing ordinary share into 4 KPower shares; and
2) Issuance of up to 151m free warrants in KPower on the basis of 1 warrant for every 3 subdivided shares held.
Note that on a separate announcement, the group has resolved to terminate the earlier planned 1-to-2 share split exercise as announced on Jun 5, after taking into consideration the recent increase in the share price of the group.
The 5-year warrants, which have an illustrative exercise price of MYR2.50 per warrant, are valued at MYR0.59 apiece. Although the proposed free warrants will not raise any immediate funds, upon full exercise of these warrants, KPower could raise up to MYR376.9m for working capital purposes.
The free warrants issue is an additional sweetener. Its share price has risen ~206% YTD. Notwithstanding that, jobs flow has improved for the group, with over MYR1.0b worth of contracts secured YTD, lifting its outstanding order book to approximately MYR1.5b. With such healthy pipeline, the construction unit will be its key earnings driver in the foreseeable future. Management intends to focus on sustainable energy and utilities segment.
MEMORANDUM OF AGREEMENT BETWEEN KPOWER ENGINEERING SDN BHD (“KPENG”)
(FORMERLY KNOWN AS HYPERGIZE LINK SDN BHD), A WHOLLY OWNED SUBSIDIARY OF
KPOWER AND PUBLIC ISLAMIC BANK BERHAD (“PIBB”)