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MULTIPLE PROPOSALS - PROPOSED JOINT VENTURE; AND - PROPOSED PRIVATE PLACEMENT

GRAND-FLO BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
-	PROPOSED JOINT VENTURE; AND
-	PROPOSED PRIVATE PLACEMENT

On behalf of the Board of Directors of Grand-Flo (“Board”), AmInvestment Bank Berhad (“AmInvestment Bank”) wish to announce that Innoceria Sdn Bhd, a wholly-owned subsidiary of the Company had, on 14 October 2019, entered into a conditional joint venture agreement with Pembinaan Maka Cemerlang Sdn Bhd to jointly develop 381 pieces of leasehold land located in Kampar, Perak into a mixed development project comprising single-storey terrace houses and double-storey shop houses (“Proposed Joint Venture”).

 

Concurrently with the Proposed Joint Venture, Grand-Flo also proposes to undertake a proposed private placement of up to 47,041,771 new ordinary shares in Grand-Flo, representing up to approximately 10.0% of the total number of issued shares of Grand-Flo (excluding treasury shares) at an issue price to be determined later (“Proposed Private Placement”).

 

(The Proposed Joint Venture and Proposed Private Placement are collectively referred to as “Proposals”)

 

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

 

This announcement is dated 14 October 2019.




Please refer attachment below.

Attachments

Grand-Flo Berhad - Proposals.pdf
597.5 kB



Announcement Info

Company Name GRAND-FLO BERHAD
Stock Name GRANFLO
Date Announced 14 Oct 2019
Category General Announcement for PLC
Reference Number GA1-14102019-00062




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