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(I) PURCHASE OF 50,000 ORDINARY SHARES REPRESENTING 10% OF THE TOTAL ISSUED SHARES IN INNOV8TIF SOLUTIONS SDN BHD ("INNOV8TIF") AS OF 1 SEPTEMBER 2021 FOR A TOTAL CASH CONSIDERATION OF RM4,000,000 ("ACQUISITION"); AND(II) SUBSCRIPTION OF 62,500 ORDINARY SHARES REPRESENTING 10% OF THE TOTAL ENLARGED ISSUED SHARES IN INNOV8TIF AFTER THE ACQUISITION FOR A TOTAL CASH CONSIDERATION OF RM4,000,000 ("SUBSCRIPTION"),(COLLECTIVELY REFERRED TO AS THE "INVESTMENT")

SECUREMETRIC BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-13092021-00002
Subject (I) PURCHASE OF 50,000 ORDINARY SHARES REPRESENTING 10% OF THE TOTAL ISSUED SHARES IN INNOV8TIF SOLUTIONS SDN BHD ("INNOV8TIF") AS OF 1 SEPTEMBER 2021 FOR A TOTAL CASH CONSIDERATION OF RM4,000,000 ("ACQUISITION"); AND(II) SUBSCRIPTION OF 62,500 ORDINARY SHARES REPRESENTING 10% OF THE TOTAL ENLARGED ISSUED SHARES IN INNOV8TIF AFTER THE ACQUISITION FOR A TOTAL CASH CONSIDERATION OF RM4,000,000 ("SUBSCRIPTION"),(COLLECTIVELY REFERRED TO AS THE "INVESTMENT")
Description
SECUREMETRIC BERHAD - INVESTMENT IN INNOV8TIF SOLUTIONS SDN. BHD.
Query Letter Contents

We refer to your Company’s announcement dated 8 September 2021, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The audited net profits and net asset value of Innov8tif based on its latest audited consolidated financial statements.
2) The unaudited net asset value of Innov8tif as at 30 June 2021 based on its unaudited management accounts.
3) The details of the comparable transactions considered by Securemetric Berhad in arriving at the valuation of Innov8tif of approximately RM40 million.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Unless otherwise stated, the terms used in this announcement shall have the same meaning as defined in the Company’s announcement dated 8 September 2021 (“Announcement”).

 

Reference is made to the Announcement and the query letter from Bursa Malaysia Securities Berhad dated 13 September 2021 (Ref IQL-13092021-00002) in relation to the Investment.

 

The Board of Directors of Securemetric wishes to announce the following additional information:

 

1) The audited net profits and net asset value of Innov8tif based on its latest audited consolidated financial statements.

 

The net profits and net asset value of Innov8tif based on its latest audited consolidated financial statements for the financial year ended 31 December 2020 are RM 509,876/- and RM 1,795,528/- respectively. 

 

2) The unaudited net asset value of Innov8tif as at 30 June 2021 based on its unaudited management accounts.

 

The net asset value of Innov8tif based on its unaudited management accounts for the financial period ended 30 June 2021 is RM1,883,006/-. 

 

3) The details of the comparable transactions considered by Securemetric Berhad in arriving at the valuation of Innov8tif of approximately RM40 million.

 

The comparable transactions considered by Securemetric is the proposed acquisition of the entire equity interest in Xendity Pte Ltd for an aggregate purchase consideration of up to United States Dollar (“USD”) 10.0 million, of which USD1.5 million will be satisfied in cash and the remaining amount of up to USD8.5 million will be satisfied via the allotment and issuance of new ordinary shares in Green Packet Berhad as announced by Green Packet Berhad on 2 December 2020.   

 

This announcement is dated 13 September 2021.





Announcement Info

Company Name SECUREMETRIC BERHAD
Stock Name SMETRIC
Date Announced 13 Sep 2021
Category General Announcement for PLC
Reference Number GA1-13092021-00069




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