NOVA MSC BERHAD
18 Jan 2016
On behalf of the Board of Directors of NOVAMSC, RHB Investment Bank Berhad is pleased to announce the following:
(i) the Company had entered into a conditional share sale agreement (“SSA”) with Stone Villa Limited (“Stone Villa”) on 18 January 2016 for the proposed acquisition of 19,375 ordinary shares in CNA Development Pte Ltd (“CNAD”), representing 31% of the issued share capital in CNAD from Stone Villa, for a total aggregate consideration of RM10.00 million to be satisfied via the issuance of 45,454,545 new ordinary shares of RM0.10 each in NOVAMSC and RM5.00 million in cash (“Proposed Acquisition”); and
(ii) the Company proposes to undertake a proposed private placement of up to 155,022,635 new NOVAMSC Shares, representing 20% of the enlarged issued and paid-up share capital of NOVAMSC (“Placement Shares”) after the Proposed Acquisition. The Company intends to place out the Placement Shares to third party investors to be identified later and at an issue price to be determined by the Board and announced later.
Further details of the Proposals are set out in the attachment below.
This announcement is dated 18 January 2016.
Please refer attachment below.
Proposals – announcement.pdf
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