Mercury Securities
  • Try MST28 trading from Mercury Securities with rates as low as 0.05%.
  • Earn MS Coin when you trade with MST28. Check out MST28.
  • Try MST28 trading from Mercury Securities with rates as low as 0.05%.
  • Get FREE real time quotes on our website & App. Check out MST28.
Open Trading Account
add free Download App
premium Premium Account

Last Price Change Volume
Open: Day Range: Prev Close:


MULTIPLE PROPOSALS BINTAI KINDEN CORPORATION BERHAD ("BINTAI" OR "COMPANY") (I) PROPOSED ACQUISITION; (II) PROPOSED PRIVATE PLACEMENT; (III) PROPOSED ISSUANCE OF RCPS; AND (IV) PROPOSED AMENDMENTS (COLLECTIVELY, THE "PROPOSALS")

BINTAI KINDEN CORPORATION BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
BINTAI KINDEN CORPORATION BERHAD ("BINTAI" OR "COMPANY") 

(I)	PROPOSED ACQUISITION;  
(II)	PROPOSED PRIVATE PLACEMENT;
(III)	PROPOSED ISSUANCE OF RCPS; AND
(IV)	PROPOSED AMENDMENTS 

(COLLECTIVELY, THE "PROPOSALS")

On 12 April 2021, M&A Securities Sdn Bhd (“M&A Securities”), on behalf of the Company, announced that the Company had entered into a memorandum of understanding with Yeo Eng Lam (“YEL” or “Vendor”) for the proposed acquisition of the entire equity interest in Johnson Medical International Sdn Bhd (“JMI”) (“Proposed Acquisition”).

 

To effect the Proposed Acquisition, on 28 April 2021, the Company had entered into following definitive agreements:

 

1. Conditional share sale agreement with YEL for the Proposed Acquisition (“SSA”);

 

2. Deed of profit guarantee and escrow arrangement with YEL in relation to the profit after taxation to be achieved by JMI of RM3,500,000 and RM5,600,000, respectively for the financial years ending/ended 1 April 2021 to 31 March 2022 (“First Period”) and 1 April 2022 to 31 March 2023 (“Second Period”) or RM9,100,000 collectively for the First Period and Second Period on an aggregate basis (the First Period and Second Period are collectively known as the “Guaranteed Period”); and

 

3. Service agreement with JMI in relation to employment of YEL by Bintai as President of JMI.

 

In conjunction with the Proposed Acquisition, the Company also proposes to undertake the following corporate proposals:

 

1. the Board has resolved to increase the issuance size of the private placement (as announced on 25 February 2021) which shall now involve the issuance of up to 190,946,000 ordinary shares in Bintai, representing approximately 50.0% of the Company’s total number of issued ordinary shares in Bintai (“Proposed Private Placement”);

 

2. proposed issuance of up to 200,000,000 redeemable convertible preference shares (“RCPS”) in Bintai to OUD Asset Management Sdn Bhd at an issue price of RM0.10 per RCPS (“Proposed Issuance of RCPS”); and

 

3. proposed amendment to the Constitution of Bintai to facilitate the Proposed Issuance of RCPS (“Proposed Amendments”).

 

Further details of the Proposals are set out in the attachment enclosed.

 

This announcement is dated 28 April 2021.




Please refer attachment below.

Attachments

Bintai_Multiple proposals.pdf
435.1 kB



Announcement Info

Company Name BINTAI KINDEN CORPORATION BERHAD
Stock Name BINTAI
Date Announced 28 Apr 2021
Category General Announcement for PLC
Reference Number GA1-28042021-00138




Close