General Announcement for PLC

18/05/2022

MULTIPLE PROPOSALS FAST ENERGY HOLDINGS BERHAD (FORMERLY KNOWN AS TECHFAST HOLDINGS BERHAD) ("FAST ENERGY" OR THE "COMPANY") I. PROPOSED SHARE CONSOLIDATION; II. PROPOSED PRIVATE PLACEMENT; AND III. PROPOSED ACQUISITION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

FAST ENERGY HOLDINGS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description 
FAST ENERGY HOLDINGS BERHAD (FORMERLY KNOWN AS TECHFAST HOLDINGS BERHAD) ("FAST ENERGY" OR THE "COMPANY")

I. PROPOSED SHARE CONSOLIDATION;

II. PROPOSED PRIVATE PLACEMENT; AND

III. PROPOSED ACQUISITION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of Fast Energy ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that the Company proposes to undertake the following:-

i. proposed consolidation of every 6 existing ordinary shares in Fast Energy held by the shareholders of Fast Energy, on an entitlement date to be determined and announced later ("Entitlement Date"), into 1 ordinary share in Fast Energy ("Consolidated Share(s)");

ii. a private placement of up to 35% of the total number of issued shares of Fast Energy to third party investor(s) to be identified later ("Proposed Private Placement"). For avoidance of doubt, the Proposed Private Placement is not undertaken in accordance with a general mandate pursuant to Sections 75 and 76 of the Companies Act 2016 ("Act"). As such, the Proposed Private Placement is subject to specific shareholder approval pursuant to Rule 6.06 of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"); and

iii. acquisition of 175,000 ordinary shares in CCK Petroleum Sdn Bhd ("CCKSB") ("Sale Share(s)" or "CCKSB Share(s)"), representing 35.0% equity interest in CCKSB from Mohd Faizul bin Nasir ("Vendor") for a purchase consideration of RM28,000,000 ("Purchase Consideration") to be satisfied via a combination of RM23,972,660 in cash ("Cash Consideration") and RM4,027,340 via the issuance of 11,800,000 new ordinary shares in Fast Energy ("Fast Energy Share(s)" or "Share(s)") after the completion of the Proposed Share Consolidation at an issue price of RM0.3413 per Fast Energy Share ("Consideration Share(s)") ("Proposed Acquisition").

The Proposed Share Consolidation, Proposed Private Placement and Proposed Acquisition are collectively referred to as "Proposals". It is the intention of the Board to implement the Proposed Private Placement and Proposed Acquisition after the completion of the Proposed Share Consolidation.

Further details of the Proposals are set out in the attachment enclosed.

 

This announcement is dated 18 May 2022.


Please refer attachment below.


Announcement Info

Company Name FAST ENERGY HOLDINGS BERHAD
Stock Name FAST
Date Announced 18 May 2022
Category General Announcement for PLC
Reference Number GA1-18052022-00076


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