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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS NETX HOLDINGS BERHAD - ACQUISITION OF WARRANTS AND DISPOSAL OF SHARES IN K-STAR SPORTS LIMITED

NETX HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
NETX HOLDINGS BERHAD 
-  ACQUISITION OF WARRANTS AND DISPOSAL OF SHARES IN K-STAR SPORTS LIMITED

(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 29 January 2021.)

 

Reference is made to the Company’s announcements made on 29 January 2021 and 3 February 2021, respectively. 

 

NETX Holdings Berhad (“NETX” or “the Company”) wishes to further announce that the Board was of the opinion at the material time of acquisitions of K-Star’s shares and warrants, the K-Star’s share price is depressed and not reflecting its potential market value overshadowed by dropped in sports on-going global economic uncertainty and rising of Covid-19 cases in the country. 

 

Nevertheless, K-Star’s continued efforts in improving its financial position had positive impact amongst others from,

 

i) on-going internal restructuring of its overall operation in optimising production activities, reducing operating costs, prudent practices in credit control and incentive in handling of distributors which had positive impact in significantly reducing the financial losses suffered from operations (i.e. RMB 10.92 million in Financial Year Ended 31 December 2019 versus RMB 1.71 million in unaudited third quarterly financial result for the period ended 30 September 2020); and

 

ii) Appointment as the official distributor by Sinopharm Group Hunan Changde Medica Co. Ltd. as a Covid-19 vaccine and medical equipment products distributor had upside effect on the trading share price as it rose to its highest trading value of RM0.95 per share on 11 November 2020 after the announcement on 26 October 2020 also suggested that market strong believe that the distributorship would usher in new revenue source and to be less dependent towards sportswear and sports equipment amidst the low global demand in current situation.

 

All these encouraging indicators at that moment led the Company to opined that K-Star’s share could have future upside in its share prices upon the estimated economic rebound in year 2021 and ultimately aimed to offer better trading return towards the Company’s financial performance. 

 

This announcement is dated 8 February 2021. 






Announcement Info

Company Name NETX HOLDINGS BERHAD
Stock Name NETX
Date Announced 08 Feb 2021
Category General Announcement for PLC
Reference Number GA1-08022021-00067




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