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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS NETX HOLDINGS BERHAD - SALE AND PURCHASE OF SHARES AGREEMENT AND SHARES SUBSCRIPTION AGREEMENT ENTERED WITH EMICRO CAPITAL (M) SDN. BHD.

NETX HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
NETX HOLDINGS BERHAD 
- SALE AND PURCHASE OF SHARES AGREEMENT AND SHARES SUBSCRIPTION AGREEMENT ENTERED WITH EMICRO CAPITAL (M) SDN. BHD.

Reference is made to the Company’s announcement made on 13 October 2020 in relation to the Letter of Intent (“LOI”) entered between GEM Pay Sdn. Bhd. (“GEM Pay”), a subsidiary of the Company and Mr Foo Jee Hai (“Vendor”) for the proposed acquisition of 1,800,000 ordinary shares in Emicro Capital (M) Sdn. Bhd. (“Emicro”), representing 60% of the total issued and paid-up share capital of Emicro (“Sale Shares”).

 

The Board of Directors of NetX Holdings Berhad (“NetX” or “the Company”) wishes to announce that GEM Pay had on 14 December 2020, entered into a Sale and Purchase of Shares Agreement (“SPA”) with the Vendors for the acquisition of Sale Shares from the Vendors for a total consideration of RM720,000.00 only (“Purchase Consideration”) (“Proposed Acquisition”). Upon completion of the Proposed Acquisition, Emicro will become a 60% owned subsidiary company of NetX.

 

At the same time, GEM Pay had on 14 December 2020, entered into a Shares Subscription Agreement (“SSA”) with Emicro for the subscription of up to 3,000,000 Redeemable Convertible Preference Share (“RCPS”) in Emicro at the issue price of RM1.00 per RCPS in multiple tranches for a total consideration of RM3,000,000 only (“RCPS Subscription”).

 

Further details of the above matter are set out in the attachment herein.

 

This announcement is dated 14 December 2020.




Please refer attachment below.

Attachments

NetX - Acquisition of Emicro.pdf
208.4 kB



Announcement Info

Company Name NETX HOLDINGS BERHAD
Stock Name NETX
Date Announced 14 Dec 2020
Category General Announcement for PLC
Reference Number GA1-14122020-00065




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