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OTHERS PROPOSED DIVERSIFICATION OF THE EXISTING BUSINESSES OF XIAN LENG AND ITS SUBSIDIARIES TO INCLUDE THE TRADING AND DISTRIBUTION OF EDIBLE BIRD NEST ("PROPOSED DIVERSIFICATION")

XIAN LENG HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
PROPOSED DIVERSIFICATION OF THE EXISTING BUSINESSES OF XIAN LENG AND ITS SUBSIDIARIES TO INCLUDE THE TRADING AND DISTRIBUTION OF EDIBLE BIRD NEST ("PROPOSED DIVERSIFICATION")

We refer to the Company's announcement dated 11 November 2019 (“Announcement”) and the query from Bursa Securities dated 12 November 2019 ("Queries") in relation to Proposed Diversification.

 

Unless otherwise stated, defined terms used in this reply shall have the same meanings as defined in the Announcement.

 

Further to the Announcement, the Board wishes to provide the following additional information:

 

1. To further elaborate on the significant of the Edible Bird Nest Business to the Company (from financial and operational perspective) that lead to Xian Leng undertakes the Proposed Diversification.

 

2. Nature of business scope/activities to be undertaken by the Company with regard to the Edible Bird Nest Business, including but not limited to, capital commitment required to set up and put on-stream the business; sources of supplies of the bird nest; marketing and distribution networks, etc.

 

3. Further elaboration on the rationale and business prospects for the Company to venture and diversify into Edible Bird Nest Business, rather than other businesses.

 

4. In view that Mr. Tan Wei Chun currently owns 25 units of swiftlet houses, please provide further commentary on the conflicts of interests as stated under item 2.1(v) of the salient terms of the Management Service Agreement.

 

Kindly refer to the attached attachment for further details.

 

The announcement is dated 13 November 2019.




Please refer attachment below.

Attachments

111319 - Query announcement.pdf
310.9 kB



Announcement Info

Company Name XIAN LENG HOLDINGS BERHAD
Stock Name XIANLNG
Date Announced 13 Nov 2019
Category General Announcement for PLC
Reference Number GA1-13112019-00056




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