TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SAUDEE GROUP BERHAD ("SAUDEE" OR "THE COMPANY") HEADS OF AGREEMENTS IN RELATION TO THE:- (I) PROPOSED ACQUISITION BY SAUDEE OF 100% EQUITY INTEREST IN KK FRESH SDN BHD ("KK FRESH") (II) PROPOSED ACQUISITION BY SAUDEE OF 100% EQUITY INTEREST IN MEGAH DEUTSCH SDN BHD ("MEGAH DEUTSCH") (KK FRESH AND MEGAH DEUTSCH ARE COLLECTIVELY REFERRED TO AS THE "TARGET COMPANIES")

SAUDEE GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SAUDEE GROUP BERHAD ("SAUDEE" OR "THE COMPANY")

HEADS OF AGREEMENTS IN RELATION TO THE:-

(I)	PROPOSED ACQUISITION BY SAUDEE OF 100% EQUITY INTEREST IN KK FRESH SDN BHD ("KK FRESH")

(II)	PROPOSED ACQUISITION BY SAUDEE OF 100% EQUITY INTEREST IN MEGAH DEUTSCH SDN BHD ("MEGAH DEUTSCH")

(KK FRESH AND MEGAH DEUTSCH ARE COLLECTIVELY REFERRED TO AS THE "TARGET COMPANIES")

On behalf of the Board of Directors of Saudee (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities”) wishes to announce that the Company had on 13 July 2020 entered into the following heads of agreements (“HOAs”):-

 

(i)         HOA with Tan Hwa Sing (“KK Fresh Vendor”) for the proposed acquisition of 100% equity interest in KK Fresh (“Proposed KK Fresh Acquisition”) (“KK Fresh HOA”); and

 

(ii)         HOA with Tan Hwa Sing, Teoh Keat Poh and Suah Teik Soon (“Megah Deutsch Vendors”) for the proposed acquisition of 100% equity interest in Megah Deutsch (“Proposed Megah Deutsch Acquisition”) (“Megah Deutsch HOA”).

 

(The KK Fresh Vendor and Megah Deutsch Vendors are collectively referred to as the “Vendors”)

 

(The Proposed KK Fresh Acquisition and Proposed Megah Deutsch Acquisition are each referred to as the “Proposed Acquisition” and collectively referred to as the “Proposed Acquisitions”)

 

(The KK Fresh HOA and Megah Deutsch HOA are collectively referred to as the “HOAs”)

 

Pursuant to the respective HOAs, Saudee and the Vendors of each Proposed Acquisition (“Parties”) have agreed to subsequently enter into definitive agreements containing detailed terms and conditions of that Proposed Acquisition (“Definitive Agreements”) within 60 days from the date of the HOA for that Proposed Acquisition or such extended period of time as may be mutually agreed by the Parties, failing which the HOAs shall automatically terminate and shall cease to have effect.

 

A detailed announcement will be made on Bursa Malaysia Securities Berhad (“Bursa Securities”) upon execution of the Definitive Agreements.

 

Please refer to the attached document for further details.

 

 

This announcement is dated 13 July 2020.




Please refer attachment below.



Announcement Info

Company Name SAUDEE GROUP BERHAD
Stock Name SAUDEE
Date Announced 13 Jul 2020
Category General Announcement for PLC
Reference Number GA1-13072020-00026