MULTIPLE PROPOSALS HANDAL RESOURCES BERHAD ("HANDAL" OR THE "COMPANY") I. PROPOSED ACQUISITION; II. PROPOSED AMENDMENT; AND III. PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

HANDAL RESOURCES BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
HANDAL RESOURCES BERHAD ("HANDAL" OR THE "COMPANY")

I. PROPOSED ACQUISITION; 

II. PROPOSED AMENDMENT; AND 

III. PROPOSED ESOS

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of Handal, UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that Handal proposes to undertake the following:-

 

i.  Proposed acquisition by Handal of 408,000 ordinary shares of Borneo Seaoffshore Engineering Sdn Bhd ("BSOE"), representing 51.0% equity interest in BSOE from Seaoffshore Capital Sdn Bhd for a purchase consideration of RM25,500,000 to be satisfied by way of issuance and allotment of 42,857,100 new ordinary shares in Handal ("Handal Share(s)" or "Share(s)") at an issue price of RM0.37 per Handal Share ("Consideration Share(s)") and issuance and allotment of 26,061,819 new irredeemable convertible preference shares in Handal at an issue price of RM0.37 ("Consideration ICPS") per Consideration ICPS ("Proposed Acquisition");

 

ii. proposed amendment to the Constitution of Handal ("Proposed Amendment"); and 

 

iii. proposed establishment of an employees' share option scheme of up to 10.0% of the total number of issued shares of the Company (excluding treasury shares, if any) at any point in time ("Proposed ESOS").

 

Please refer to the attachement for further details on the Proposals.

 

 

This announcement is dated 16 April 2019.

 

 




Please refer attachment below.

Attachments

Handal - Proposals (final).pdf
436.5 kB



Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 16 Apr 2019
Category General Announcement for PLC
Reference Number GA1-16042019-00107