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OTHERS THE HEADS OF AGREEMENT BETWEEN ASIA POLY HOLDINGS BERHAD AND GOOI CHIN HOOI AS THE MAIN REPRESENTATIVE OF ALL OTHER SHAREHOLDERS OF GB PLAS SDN. BHD.

ASIA POLY HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
THE HEADS OF AGREEMENT BETWEEN ASIA POLY HOLDINGS BERHAD AND GOOI CHIN HOOI AS THE MAIN REPRESENTATIVE OF ALL OTHER SHAREHOLDERS OF GB PLAS SDN. BHD.

The Board of Directors of Asia Poly Holdings Berhad (“Asia Poly” or the “Company”) wishes to announce that the Company had on 18 November 2020 entered into a Heads of Agreement (“HOA”) with Gooi Chin Hooi (NRIC No. 650720-07-5417) as the main representative of all other shareholders of GB Plas Sdn. Bhd. (Registration No. 200301035870 (638291-V))(“GBP”)[“Vendor”] for the purchase of such number of ordinary shares held by Vendor  representing Thirty per centum (30%) of the whole of the issued shares of GBP for the sum of Ringgit Malaysia Fifteen Million (RM15,000,000.00) only.

 

GBP is one of the world’s leading manufacturers and exporters of extruded acrylic and plastic sheets. The completion of the transaction contemplated in the HOA is subject to:

  1. A due diligence and audit report on the affairs and business of the Company satisfactory to the Company;
  2. If required, the approval of the Company’s shareholders at a general meeting for the purchase of the GBP shares contemplated by the Company;
  3. If required, the granting of all necessary governmental and other consents;
  4. the negotiation, agreement and signature of a suitable definitive agreement appropriate to the transaction detailed in the HOA.

The execution of the HOA does not have any effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the Company.

 

None of the Directors or Major Shareholders of the Company and/or persons connected with them has any interest, direct or indirect, on the HOA.

 

The Board of Directors of the Company, after taking into consideration the HOA, is of the opinion that the HOA is undertaken in the best interest of the Company.

 

This announcement is dated 18 November 2020.

 






Announcement Info

Company Name ASIA POLY HOLDINGS BERHAD
Stock Name ASIAPLY
Date Announced 18 Nov 2020
Category General Announcement for PLC
Reference Number GA1-18112020-00091




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