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MULTIPLE PROPOSALS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR THE "COMPANY") I. PROPOSED ACQUISITION; AND II. PROPOSED DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

ADVANCECON HOLDINGS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR THE "COMPANY")

I.	PROPOSED ACQUISITION; AND 
II.	PROPOSED DIVERSIFICATION 

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of Advancecon ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that Advancecon had on 17 June 2021 entered into the following agreements:-

i.          a conditional share sale agreement ("SSA") with Fook Hua Holdings Sdn Bhd ("FHHSB" or the "Vendor") for the proposed acquisition by Advancecon of 260,100,006 ordinary shares of Spring Energy Resources Berhad ("SERB"), representing 51% equity interest in SERB ("SERB Shares" or "Sale Shares"), for a total purchase consideration of RM30,400,000 ("Purchase Consideration") to be satisfied via a combination of cash payment of RM15,220,000 ("Cash Consideration") and the remaining purchase consideration of RM15,180,000 to be satisfied via an issuance and allotment of 33,000,000 new ordinary shares of Advancecon ("Advancecon Share(s)" or "Share(s)") ("Consideration Share(s)") at the issue price of RM0.46 per Consideration Share ("Proposed Acquisition"); and

ii.         a shareholders' agreement with FHHSB and SERB ("Shareholders' Agreeement") to regulate the relationship of the shareholders and govern the management and operation of SERB between the shareholders of SERB upon completion of the Proposed Acquisition.

In conjunction with the Proposed Acquisition, Advancecon proposes to undertake a diversification of the existing principal activities of Advancecon and its subsidiaries ("Advancecon Group" or the "Group") to include quarry operation and other related activities ("Quarry Operation Business") ("Proposed Diversification").

(The Proposed Acquisition and Proposed Diversification are collectively referred to as the "Proposals")

Further details on the Proposals are set out in the attachment.

 

 

This announcement is dated 17 June 2021.




Please refer attachment below.



Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 17 Jun 2021
Category General Announcement for PLC
Reference Number GA1-15062021-00099




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