– The proposed acquisition is part of G Neptune’s proposed regularisation plan which also include, amongst others, at least RM108.61 million of fund-raising through a proposed private placement.
– The vendor of Southern Score has provided a cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024.
KUALA LUMPUR, Aug 22, 2022 – (ACN Newswire) – G Neptune Berhad is pleased to announce that its circular, which includes multiple proposals as part of its proposed regularisation plan, has been issued today. Upon completion, the proposed regularisation plan is expected to address its Guidance Note 3 (GN3) status as well as to return it to a stronger financial standing and profitability that will benefit all stakeholders.
 |
| Executive Director and Chief Executive Officer of Southern Score Gan Yee Hin and Executive Director and Head of Group Investment Banking & Islamic Banking of Kenanga Investment Bank Berhad Datuk Roslan Hj Tik [L-R] |
The proposed regularisation plan includes amongst others, the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.
Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years’ experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.
Other than the proposed acquisition, the proposed regularisation…
The post G Neptune Seeks Shareholders’ Approval to Acquire Soutern Score, a construction … – Press Release appeared first on CaymanMama.com.
from CaymanMama.com https://ift.tt/giwxWVh
No comments:
Post a Comment