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MULTIPLE PROPOSALS GRAND-FLO BERHAD ("GRAND-FLO" OR THE "COMPANY") - PROPOSED GENTING ACQUISITIONS; - PROPOSED PRIVATE PLACEMENT; AND - PROPOSED CHANGE OF NAME (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

GRAND-FLO BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
GRAND-FLO BERHAD ("GRAND-FLO" OR THE "COMPANY")

-	PROPOSED GENTING ACQUISITIONS;
-	PROPOSED PRIVATE PLACEMENT; AND
-	PROPOSED CHANGE OF NAME

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of Grand-Flo (“Board”), AmInvestment Bank Berhad (“AmInvestment Bank”) wishes to announce that Grand-Flo had on 2 March 2021, entered into the following agreements to acquire the identified property assets located at Genting Highlands, Pahang:-

 

(i) a conditional land and development purchase agreement with Galeri Tropika Sdn Bhd (“GTSB” or the “Vendor”) for the proposed acquisition of a parcel of freehold land identified as Lot No. 42985 held under Title No. Geran 45455, Mukim and District of Bentong, Pahang Darul Makmur, of which the Vendor is currently undertaking an ongoing mixed development project known as the ‘Grand Ion Majestic’, comprising 1,885 units of serviced apartments, 24 units of commercial retail lots and 6 units of office lots together with 45 accessory parcels, for a purchase consideration of RM210,000,000 (“Proposed GIM Acquisition”); and

 

(ii) a conditional sale and purchase agreement with GTSB for the proposed acquisition of 100 units of serviced apartments and 15 units of commercial retail lots (together with 43 accessory parcels) in a completed mixed development project known as the ‘Grand Ion Delemen’ constructed on all that parcel of freehold land identified as Lot No. 26430 held under Title No. Geran 45563, Mukim and District of Bentong, Pahang Darul Makmur for an aggregate purchase consideration of RM212,888,000 (“Proposed GID Acquisition”).

 

The Proposed GIM Acquisition and the Proposed GID Acquisition are collectively referred to as the “Proposed Genting Acquisitions”.

 

Concurrently with the Proposed Genting Acquisitions, the Company also proposes to undertake the following:-

 

(i) proposed private placements, at issue price(s) to be determined and to placee(s) to be identified at a later stage, to be implemented as follows:-

 

     (a) up to 20% of the total number of issued shares of Grand-Flo (excluding treasury shares) (“Placement Shares”), at any point in time (“Proposed Private Placement 1”); and

 

     (b) up to 150,000,000 new Placement Shares, upon obtaining shareholders’ approval at an extraordinary general meeting to be convened and after the completion of the Proposed Genting Acquisitions (“Proposed Private Placement 2”)

 

(The Proposed Private Placement 1 and Proposed Private Placement 2 are collectively referred to as the “Proposed Private Placement”).

 

(ii) proposed change of name of the Company from “Grand-Flo Berhad” to “NCT Alliance Berhad” (“Proposed Change of Name”).

 

Further details of the Proposed Genting Acquisitions, the Proposed Private Placement and the Proposed Change of Name (collectively, referred to as the “Proposals”) are set out in the attachment.

 

This announcement is dated 2 March 2021.




Please refer attachment below.

Attachments

Announcement - Final.pdf
568.4 kB



Announcement Info

Company Name GRAND-FLO BERHAD
Stock Name GRANFLO
Date Announced 02 Mar 2021
Category General Announcement for PLC
Reference Number GA1-02032021-00046




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