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OTHERS TADMAX RESOURCES BERHAD ("TADMAX" OR "THE COMPANY") - SUPPLEMENTAL SHARE SALE AND PURCHASE AGREEMENT BETWEEN TADMAX AND WORLDWIDE HOLDINGS BERHAD ("PURCHASER" OR "WHB") FOR THE PROPOSED DISPOSAL OF 35% EQUITY INTERESTS IN PULAU INDAH POWER PLANT SDN BHD (FORMERLY KNOWN AS TADMAX INDAH POWER SDN BHD) ("PIPP") TO WHB FOR A TOTAL DISPOSAL CONSIDERATION OF RM58,450,000 ("PROPOSED DISPOSAL TO WHB")

TADMAX RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
TADMAX RESOURCES BERHAD ("TADMAX" OR "THE COMPANY")
- SUPPLEMENTAL SHARE SALE AND PURCHASE AGREEMENT BETWEEN TADMAX AND WORLDWIDE HOLDINGS BERHAD ("PURCHASER" OR "WHB") FOR THE PROPOSED DISPOSAL OF 35% EQUITY INTERESTS IN PULAU INDAH POWER PLANT SDN BHD (FORMERLY KNOWN AS TADMAX INDAH POWER SDN BHD) ("PIPP") TO WHB FOR A TOTAL DISPOSAL CONSIDERATION OF RM58,450,000 ("PROPOSED DISPOSAL TO WHB")

We refer to the announcement of the Proposed Disposal to WHB on 13 March 2020 and the subsequent announcement on 17 March 2020 where the Company had announced additional disclosure on the basis and justification of arriving at the Disposal Consideration, and wish to expand and/or furnish additional disclosure as below.

 

Unless stated otherwise, the abbreviations hereinunder used/refers to in this Announcement shall carry the same meaning as defined in the announcements dated 13 March 2020 and 17 March 2020.

 

The Board of Directors of Tadmax wishes to announce that the Company had on 22 April 2020 entered into a supplemental share sale and purchase agreement with WHB to amend certain terms of the SSA (“Supplemental SSA”).

 

On 21 April 2020, the Board announced that the Company had on 20 April 2020, entered into a conditional share sale agreement for the proposed disposal of 12,500,000 ordinary shares representing 25% of the issued share capital of PIPP to Korea Electric Power Corporation (“KEPCO”) for a cash consideration of RM41,750,000 (“Proposed Disposal to KEPCO”).

 

Pursuant to Paragraph 10.12(2)(b) of the Main Market Listing Requirements of Bursa Securities (“Listing Requirements”) where Tadmax is disposing equity interests in its subsidiary company, PIPP to both KEPCO and WHB where both transactions would have to be aggregated as 1 transaction and the percentage ratios are calculated on a combined basis, the Proposed Disposal to WHB would be subject to the approval of the shareholders of Tadmax.

 

For further details, kindly refer to the attachment.

 

This announcement is dated 22 April 2020.




Please refer attachment below.



Announcement Info

Company Name TADMAX RESOURCES BERHAD
Stock Name TADMAX
Date Announced 22 Apr 2020
Category General Announcement for PLC
Reference Number GA1-22042020-00011



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