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PARAGRAPH/RULE 8.03A COMPANIES : MONTHLY ANNOUNCEMENT

MAJUPERAK HOLDINGS BERHAD

Type Announcement
Subject PARAGRAPH/RULE 8.03A COMPANIES
MONTHLY ANNOUNCEMENT
Description
MAJUPERAK HOLDINGS BERHAD ("MHB" OR "THE COMPANY") 

MONTHLY ANNOUNCEMENT PURSUANT TO PARAGRAPH 8.03A MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

Reference is made to the Company’s announcements on 13 April 2020, 22 June 2020, 10 July 2020, 6 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 1 February 2021, 2 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021, 1 September 2021, 1 October 2021, 1 November 2021, 1 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022, 26 April 2022, 12 May 2022, 1 June 2022,1 July 2022 and 1 August 2022 in relation to the Company triggering Para 8.03A(2)(b) of the Listing Requirements (“LR”) on ground that the Company has an insignificant business or operations and therefore is considered as an affected listed issuer.

 

1. Bursa Malaysia Securities Berhad (“Bursa Securities”) had on 26 March 2020 announced additional relief measures to alleviate the impact of COVID-19 on capital market players, the requisite time for submission of a regularisation plan by listed issuers which trigger the criteria under Rule 8.03A of the LR has been extended from 12 months to 24 months from the date of the first announcement. As such, the Company has until 12 April 2022 (i.e. 24 months from 13 April 2020, the date of the first announcement) to submit its regularisation plan to the regulatory authorities.

 

2.The Company had on 1 April 2022 submitted an application to Bursa Securities for an extension of time (“EOT”) for a period of 12 months of up to 11 April 2023 to submit its Regularisation Plan to Bursa Securities. On 26 April 2022, Bursa Securities has granted the Company an extension of time up to 11 October 2022 to submit its regularisation plan to the relevant regulatory authorities.

 

3. In view of the above, the Company and M&A Securities are presently evaluating and formulating a proposed regularisation plan to regularise its financial condition and turnaround the Group’s financial position to a stronger position including to undertake the following exercise:

 

(i) Proposed settlement of the debt owing to Perak Agro Corporation Sdn Bhd (“Perak Agro” or “Subscriber”), via the issuance of 28,437,950 new ordinary shares in MHB at the issue price of RM0.335 per Settlement Share; and

 

(ii) Proposed subscription of 28,437,950 new MHB shares (“Subscription Shares”) by Perak Agro, representing approximately 10% of the existing issued shares of MHB at the issue price of RM0.335 per Subscription Share;

 

as per announcement dated 16 March 2022 but the above (i) and (ii) resolutions were not carried at the Extraordinary General Meeting of the Company held on 13 June 2022. Currently, the Board of Directors is exploring various options to raise funds for the Regularisation Plan and working capital requirements.  

 

4. Proposed Acquisition of 35,561 ordinary shares (“Sale Shares”) representing of 51% of Equity Interest in Nexusbase Development Sdn Bhd from Sloane Infinity Asia Pacific Sdn Bhd ("the Vendor” or “SIAP” or “Sloane”) for a total consideration of RM12.5 million as per announcements dated 29 January 2021, 31 March 2022, 6 April 2022 and 3 June 2022.  

       

5. Proposed Acquisition of 49% of Equity Interest in Allied Group Property Services Sdn Bhd (“AGPS”) and Allied Group Property Services (Penang) Sdn Bhd (“AGPSP”) for a total consideration of RM9.8 million as per announcements dated 30 March 2022, 29 April 2022, 2 August 2022, 5 August 2022, 11 August 2022 and 16 August 2022.

 

The Company has approximately 1 month to submit a regularisation plan to the relevant authorities for approval and will make further announcements in relation to any latest development in accordance with the requirements under Rule 8.03A of the LR.

 

This announcement is dated 1 September 2022.






Announcement Info

Company Name MAJUPERAK HOLDINGS BERHAD
Stock Name MJPERAK
Date Announced 01 Sep 2022
Category General Announcement for PLC
Reference Number GA1-21082022-00016




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