General Announcement for PLC

13/05/2022

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS WIDAD GROUP BERHAD ("WIDAD" OR THE "COMPANY") PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN PALM SHORE HOLDINGS SDN BHD ("PSHSB") BY WIDAD CAPITAL SDN BHD ("WCSB"), A WHOLLY OWNED SUBSIDIARY OF WIDAD FROM NAWAWI BIN TAMBY ("NBT") AND MOHD GHAUTH BIN MOHD YUSOFF ("MGY") ("VENDORS") (INCLUDING REPAYMENT OF VENDORS ADVANCES) FOR A TOTAL CONSIDERATION OF RM35.00 MILLION TO BE SATISFIED IN CASH ("PROPOSED ACQUISITION")

WIDAD GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
WIDAD GROUP BERHAD ("WIDAD" OR THE "COMPANY")

PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN PALM SHORE HOLDINGS SDN BHD ("PSHSB") BY WIDAD CAPITAL SDN BHD ("WCSB"), A WHOLLY OWNED SUBSIDIARY OF WIDAD FROM NAWAWI BIN TAMBY ("NBT") AND MOHD GHAUTH BIN MOHD YUSOFF ("MGY") ("VENDORS") (INCLUDING REPAYMENT OF VENDORS ADVANCES) FOR A TOTAL CONSIDERATION OF RM35.00 MILLION TO BE SATISFIED IN CASH ("PROPOSED ACQUISITION")

On behalf of the Board of Directors of Widad (“Board”), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that WCSB had, on 13 May 2022 entered into the following:

 

  1. conditional share sale agreement with NBT and MGY for the proposed acquisition of 7,000,000 ordinary shares in PSHSB, representing 100% equity interest in PSHSB, for a purchase consideration of RM16,626,171.00, to be satisfied in cash, subject to adjustment and the terms of the agreement (“Purchase Consideration”) (“SSA”); and
  2. letter of undertaking for the repayment of debt owing by PSHSB to the Vendors amounting to RM18,373,829.00 (“Repayment of Vendors’ Advances”) whereby, WCSB undertakes the Repayment of Vendors’ Advances subject to the terms of the letter of undertaking (“LOU”)

(Purchase Consideration and Repayment of Vendors Advances are collectively referred to as “Total Consideration” amounting to RM35,000,000.00.)

 

Further details of the Proposed Acquisition are as attached.

 


Please refer attachment below.


Announcement Info

Company Name WIDAD GROUP BERHAD
Stock Name WIDAD
Date Announced 13 May 2022
Category General Announcement for PLC
Reference Number GA1-13052022-00036


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