On behalf of the Board of Directors of SIB, M&A Securities Sdn Bhd wishes to announce that the Company had on 27 February 2017 entered into a share sale agreement with Sedania Corporation Sdn for the acquisition of 2,000,000 ordinary shares in the share capital of Sedania As Salam Capital Sdn Bhd, representing the total number of issued shares in SASC, for a purchase consideration of RM12.00 million (“Proposed Acquisition”) to be satisfied by a combination of cash amounting to RM4.00 million and issuance and allotment of 25,806,452 new ordinary shares in SIB at an issue price of RM0.31 per SIB Share.
Kindly refer to the attachment on further details of the Proposed Acquisition.
RATIONALE AND BENEFIT OF THE PROPOSED ACQUISITION The „online‟ way of life that is now adopted by the masses and a culture that revolves around handheld devices such as smartphones and tablets means people can access data and make transactions such as money transfers into different accounts through mobile applications at anytime, anywhere. The influence of financial technology (“Fintech”) on consumer behaviour and the processing of monetary transactions and services is transforming the way companies and individuals efficiently deal with an abundance of financial functions. Rising from this, the Proposed Acquisition is in line with the Board‟s initiative to make a strategic investment in Fintech. SASC is one of the players providing a Tawarruq commodity trading system that is used by financial services companies to process and disburse personal Islamic financing. The Board is of the opinion that with SASC‟s high growth potential in the Fintech sector, the Proposed Acquisition is expected to contribute positively to the future earnings of SIB, strengthen the financial position of SIB and its subsidiaries (“SIB Group” or “Group”) and enhance SIB Group‟s future financial performance.
It had been sideway for big players accumulate for months time. Almost want to push up soon. Just stay tuned. My 80% capital is in this counter now. Sure huat!!
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....
TomyamGong
4,156 posts
Posted by TomyamGong > 2017-02-27 12:23 | Report Abuse
Pls throw. I'm grabbing it: )