The Board of Directors of Pansar wishes to announce that Reservoir Link Sdn Bhd (“RLSB”), a 20% owned associated company of Pansar, is proposing to list on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”), via a special purpose vehicle, Reservoir Link Energy Bhd (“RLEB”).

As an integral part of the Proposed Listing, RLEB proposes to acquire the entire share capital of RLSB for a purchase consideration of RM22,787,300 (“Proposed Acquisition”).

Pursuant to the above, the vendors of RLSB had, on 26 June 2019, entered into a share sale agreement with RLEB in respect of the Proposed Acquisition.  The purchase consideration of RM22,787,300 is intended to be satisfied wholly via the issuance of 227,873,000 new shares in RLEB at an issue price of approximately RM0.10 per RLEB share.

The Proposed Listing is subject to, amongst others, approvals being obtained from the relevant authorities.  There is no assurance that such approvals would be granted or that the Proposed Listing may occur.  Therefore, shareholders should note that the Proposed Listing may or may not materialise.

The Company will make further announcement in relation to the Proposed Listing, as and when appropriate under the Main Market Listing Requirements of Bursa Securities.

This announcement is dated 28 June 2019.