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MULTIPLE PROPOSALS GAGASAN NADI CERGAS BERHAD ("GNCB" OR "COMPANY") I. PROPOSED ACQUISITION; II. PROPOSED SUKUK PROGRAMMES; AND III. PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

GAGASAN NADI CERGAS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
GAGASAN NADI CERGAS BERHAD ("GNCB" OR "COMPANY")

I.	PROPOSED ACQUISITION;

II.	PROPOSED SUKUK PROGRAMMES; AND 

III.	PROPOSED ESOS

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

(We refer to the previous announcements and the most recent announcement dated 29 January 2021 in relation to the Proposals (“Announcements”). Unless otherwise stated, all abbreviations used in this announcement shall have the same meanings as defined in the Announcements)

 

On behalf of the Board, Kenanga IB wishes to announce that the Company has via a letter dated 1 March 2021 received the Vendors’ notification that the Vendors do not intend to seek further extension of the Conditional Period in respect of the SSA dated 29 October 2019. The SSA therefore has ceased and terminated on 28 February 2021 being the lapse of the extended Conditional Period (“SSA Cessation”). 

 

Notwithstanding the terms of the SSA, with the SSA Cessation, the Vendors have agreed to refund the Cash Deposit to the Company and thereafter neither party shall have any claims whatsoever against each other save and except for any subsequent breaches of obligations that survive the SSA Cessation. 

 

Pursuant to the SSA Cessation, the Company will not proceed to lodge the necessary documents in relation to the Proposed Sukuk Programmes with the SC. Furthermore, after due deliberation, the Board has resolved not to proceed with the Proposed ESOS.

 

This announcement is dated 1 March 2021.






Announcement Info

Company Name GAGASAN NADI CERGAS BERHAD
Stock Name NADIBHD
Date Announced 01 Mar 2021
Category General Announcement for PLC
Reference Number GA1-01032021-00030




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