Type Announcement Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS Description SALCON BERHAD ("SALCON" OR "THE COMPANY") PROPOSED ACQUISITION OF 1,020,000 ORDINARY SHARES, REPRESENTING 51% OF THE TOTAL ISSUED SHARES CAPITAL IN JR ENGINEERING AND MEDICAL TECHNOLOGIES (M) SDN BHD BY NUSANTARA JASAKITA SDN BHD (A 90%-OWNED SUBSIDIARY OF SALCON) FROM GANESAN A/L SUBRAMANIAM
Pursuant to Paragraph 10.06 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), Salcon wishes to announce that Nusantara Jasakita Sdn Bhd, a 90%-owned subsidiary of Salcon (“NJSB” or “Purchaser”) has on 12 November 2020 entered into a Share Sale Agreement (“SSA”) with Ganesan A/L Subramaniam (“Ganesan” or “Vendor”) for the acquisition of 1,020,000 ordinary shares (“Sale Shares”), representing 51% of the total issued shares capital in JR Engineering and Medical Technologies (M) Sdn Bhd (“JREMT”) for a total cash consideration of RM28,560,000.00 only (“Purchase Consideration”) (“Proposed Acquisition”).
(NJSB and Ganesan are individually referred to as a “Party” and collectively as “Parties”).
NJSB, Ganesan, Hamen A/L Ganesan (“Hamen”) and JREMT will enter into a Shareholders Agreement (“SHA”) to regulate their relationship as shareholders of JREMT, and to govern the management, obligations, rights, commitments, affairs and/or dealings in relation to JREMT on the completion of the SSA.
"JREMT is principally engaged in the business of the trading and manufacturing latex, nitrile and medical high risk gloves, provision of chlorination services for glovesand turnkey advisory and consultancy services for the rubber glove industry(“Business”)."
The glove counters are fundamentally very sound and have dropped a lot over the last 4 days. Time for a rebound . The timing for Salcon’s announcement is perfect. Glove counters should be rebound... secondly, usage of gloves not likely to decrease anytime soon. Many countries are working out their glove inventories as strategic commodities meaning they will start to keep a min safety stock from now onwards.
selcon find a good time for announcement. But tomorrow investor also have to focus on AT and other glove related stock because tomorrow possible all shoot up.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
maxstore769
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Posted by maxstore769 > 2020-11-10 22:46 | Report Abuse
heavy