Settlement agreement and profit guarantee payment and disposal of 23.993% equity interest in Fotokem Sdn Bhd ("Fotokem")

M3 TECHNOLOGIES (ASIA) BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-09062016-00005
Subject Settlement agreement and profit guarantee payment and disposal of 23.993% equity interest in Fotokem Sdn Bhd ("Fotokem")
Description
M3 TECHNOLOGIES (ASIA) BERHAD ("M3" OR "THE COMPANY") 

SETTLEMENT AGREEMENT ON PROFIT GUARANTEE PAYMENT AND DISPOSAL OF 23.993% EQUITY INTEREST IN FOTOKEM SDN BHD  BY M3 FOR A TOTAL CASH CONSIDERATION OF RM5,998,438
Query Letter Contents

We refer to your Company’s announcement dated 7 June 2016 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1. Details of the profit guarantee provided by Ngui Woon Kong in respect of Fotokem, the audited profit, shortfall, and compensation, in accordance with the Share Sale and Purchase Agreement.
  2. A description of the business carried on by Fotokem.
  3. The basis for the disposal consideration of RM3,780,317.00 for the disposal of 383,900 ordinary shares in Fotokem (“Disposal”).
  4. Details of the working capital for which the proceeds will be utilised and further breakdown thereof.
  5. The expected gain/loss to the M3 Technologies (Asia) Berhad group arising from the Disposal.

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

Yours faithfully

TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NMA

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

We refer to Bursa Malaysia Securities Berhad’s query letter dated 9 June 2016 on the above matter and furnish below the additional information as requested.

 



Please refer attachment below.

Attachments

Reply query.pdf
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Announcement Info

Company Name M3 TECHNOLOGIES (ASIA) BERHAD
Stock Name M3TECH
Date Announced 13 Jun 2016
Category General Announcement for PLC
Reference Number GA1-13062016-00062