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MULTIPLE PROPOSALS K-STAR SPORTS LIMITED ("K-STAR" OR "COMPANY") SINARAN ADVANCE GROUP BERHAD ("SAG") - PROPOSED SPECIAL ISSUE; AND - PROPOSED INTERNAL REORGANISATION (COLLECTIVELY, THE "PROPOSALS")

K-STAR SPORTS LIMITED

Type Announcement
Subject MULTIPLE PROPOSALS
Description
K-STAR SPORTS LIMITED ("K-STAR" OR "COMPANY")

SINARAN ADVANCE GROUP BERHAD ("SAG")

- PROPOSED SPECIAL ISSUE; AND
- PROPOSED INTERNAL REORGANISATION 

(COLLECTIVELY, THE "PROPOSALS")

Unless otherwise stated, the terms and abbreviations used in this announcement shall have the same meaning as those defined in the earlier announcements in relation to the Proposals.

 

On behalf of the Board of Directors of K-Star, M&A Securities is pleased to announce that Bursa Securities had, vide its letter dated 6 January 2021 approved the following:

 

i) Listing and quotation of up to 142,097,400 Special Issue Shares on the Main Market of Bursa Securities;

 

ii) Admission of SAG to the Official List of Bursa Securities with the listing of and quotation for the enlarged issued share capital of SAG (comprises of up to 714,125,401 SAG Shares and up to 98,369,699 SAG Warrants) on the Main Market of Bursa Securities, under the “Consumer Products & Services” sector, in place of K-Star; and

 

iii) Listing and quotation of up to 98,369,699 SAG Shares to be issued pursuant to the exercise of SAG Warrants.

 

The Stock Code and ISIN Code of the Company remains unchanged. However, the Stock Short Name of will be changed to “SINARAN”.

 

K-Star/ SAG and M&A Securities are required to comply with the following:

 

i ) make the relevant announcements pursuant to paragraph 8.2 of Practice Note 21 of the MMLR;

 

ii) to notify Bursa Securities in writing 2 clear market days prior to the crediting by Bursa Depository of the entire issued share capital of SAG into the respective securities accounts;

 

iii) Furnish Bursa Securities with a letter of undertaking in the form of Annexure PN21-B of the MMLR duly executed by SAG together with a certified true copy of SAG's board of directors' resolution authorising the signatory;

 

iv) Furnish Bursa Securities with the undertaking letters duly signed by the directors of SAG (in the format prescribed in Annexures PN21-C and PN21-D of the MMLR);

 

v) Furnish Bursa Securities with a certified true copy of the resolution passed by the shareholders of K-Star approving the Proposed Internal Reorganisation;

 

vi) Furnish Bursa Securities with a letter confirming that all approvals of the relevant authorities have been obtained together with a copy of each of all the said letters, including a copy of the certificate of lodgement of the court order sanctioning the Proposed Internal Reorganisation after it has been filed with the Companies Commission of Malaysia;

 

vii) Furnish Bursa Securities with a letter of compliance in relation to the Deed Poll pursuant to Paragraph 2.12 of the MMLR together with a copy of the duly executed Constitution of SAG as well as a copy of duly executive Deed Poll for the SAG Warrants;

 

viii) Furnish Bursa Securities with a confirmation that Paragraphs 15.02 and 15.09 of the MMLR have been duly complied with; and

 

ix) to incorporate Bursa Securities’ comments made in the draft circular to shareholders.

 

 

 

This announcement is dated 6 January 2021.






Announcement Info

Company Name K-STAR SPORTS LIMITED
Stock Name KSTAR
Date Announced 06 Jan 2021
Category General Announcement for PLC
Reference Number GA1-06012021-00091




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