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OTHERS AURO HOLDINGS BERHAD (FORMERLY KNOWN AS NWP HOLDINGS BERHAD) ("AURO" OR "THE COMPANY") - ADDITIONAL INFORMATION ON THE AGREEMENT ENTERED BETWEEN AURO CAPITAL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND HK HEYCHA LIMITED

AURO HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
AURO HOLDINGS BERHAD (FORMERLY KNOWN AS NWP HOLDINGS BERHAD) ("AURO" OR "THE COMPANY") 
- ADDITIONAL INFORMATION ON THE AGREEMENT ENTERED BETWEEN AURO CAPITAL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND HK HEYCHA LIMITED

Reference is made to the Company’s announcement dated 29 November 2023 (“Announcement”). Unless otherwise stated, the definitions set out in the Announcement shall apply herein.

 

The Board of Directors of Auro (“Board”) would like to clarify and provide additional information in relation to the F&B Business as set out below:-

 

(i) The Agreement dated 29 November 2023 grants Auro Capital the right to open additional stores subject to the approval of HK Heycha and the execution of a Franchise Agreement Supplement. HK Heycha has the sole discretion to review and approve proposed sites for new additional stores. For information purposes, as at the date of this announcement, Auro Capital is in the midst of identifying several prime sites within Klang Valley and other suitable locations in the northern and southern regions of Peninsular Malaysia with the intention of opening additional stores to carry out the F&B Business.

 

(ii) Auro Capital is unable to ascertain at this juncture if the Group's diversification into the F&B Business would require shareholders' approval in view that the Board is unable to ascertain whether the income derived from the F&B Business is expected to contribute 25% or more of the Group's net profit and/ or result in a diversion of 25% or more of the Group's NA at this juncture. In particular, as the F&B Business is at its infancy stage and the performance of the F&B Business would depend on the eventual market response to the HEYTEA brand, the Board is unable to project the income contribution from the F&B Business to the Group’s net profit and net assets at this stage. Notwithstanding the above, the Board is mindful of the requirement to seek shareholders' approval for the Group's diversification into the F&B Business, in accordance with Paragraph 10.13 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, once there is a better clarity on the financial performance of the F&B Business.

 

This announcement is dated 1 December 2023.






Announcement Info

Company Name AURO HOLDINGS BERHAD
Stock Name AURO
Date Announced 01 Dec 2023
Category General Announcement for PLC
Reference Number GA1-30112023-00081



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