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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SUNZEN BIOTECH BERHAD ("SUNZEN" OR THE "COMPANY") (I) ACQUISITION; AND (II) DIVERSIFICATION COLLECTIVELY, THE "PROPOSALS"

SUNZEN BIOTECH BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
SUNZEN BIOTECH BERHAD ("SUNZEN" OR THE "COMPANY")

(I) ACQUISITION; AND
(II) DIVERSIFICATION

COLLECTIVELY, THE "PROPOSALS"

Unless otherwise stated, definitions used throughout this announcement shall carry the same meaning as those defined in the announcement dated 12 January 2021.

 

Reference is made to the announcements dated 12 January 2021, 5 February 2021, 1 March 2021 and 5 April 2021.

 

On behalf of the Board of Directors of SUNZEN ("Board"), M&A Securities Sdn Bhd wishes to announce that the Board (save for Teo Yek Ming and Ching Chee Pun, who are deemed interested in the Proposals ("Interested Directors")) has on 4 May 2021 agreed to waive Clause 3.1(e) of the share sale agreement dated 12 January 2021 for the Acquisition (“SSA”) in respect of the conditions precedent.

 

Clause 3.1(e) of the SSA states that the Vendors shall procure the issuance of approval or waiver, and settlement of any compound (if any) issued by the Ministry of Housing and Local Government (The Moneylenders and Pawnbrokers Division) in respect of the application for the change of business name from “Save Solution Sdn Bhd” to “Finsource Solution Sdn Bhd” submitted on 17 August 2020.

 

The Board (save for the Interested Directors) has agreed to waive this material condition precedent after taking into consideration the legal opinion from its Legal Adviser for the Proposals and that the maximum payable compound to be issued by the Ministry of Housing and Local Government (The Moneylenders and Pawnbrokers Division) in respect of the application for the change of business name, pursuant to Section 29F of the Moneylenders Act 1951, has been paid by the Vendors to the Company.  The Independent Adviser, after taking into consideration the legal opinion from the Legal Adviser for the Proposals and the upfront compound payment by the Vendors to the Company, takes cognisance of the abovementioned waiver.

 

As such, the last of the conditions precedent set out in the SSA have been fulfilled or waived on 4 May 2021. Accordingly the SSA has become unconditional.

 

This announcement is dated 4 May 2021.






Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 04 May 2021
Category General Announcement for PLC
Reference Number GA1-04052021-00080




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