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OTHERS STRAITS ENERGY RESOURCES BERHAD ("STRAITS" OR THE "COMPANY") PROPOSED INTERNAL RESTRUCTURING

STRAITS ENERGY RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
STRAITS ENERGY RESOURCES BERHAD ("STRAITS" OR THE "COMPANY")

PROPOSED INTERNAL RESTRUCTURING

On behalf of the Board of Directors of Straits ("Board"), UOB Kay Hian Securities Sdn Bhd ("UOBKH")  is pleased to announce that Straits had, on 13 December 2023, entered into a shares sale and purchase agreement with TMD Energy Limited ("TMDel") for the proposed transfer of 1,000,000 ordinary shares in Straits Marine Fuels & Energy Sdn Bhd ("SMF") ("Sale Share(s)"), representing 100% of the equity interest in SMF to TMDel for a purchase consideration of RM11,101,874 (equivalent to USD2,381,814) ("Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("Restructuring SSA"). For the purpose of the Restructuring SSA, Straits and TMDel have mutually agreed to apply the currency exchange rate of United States Dollar ("USD") 1.00: Ringgit Malaysia ("RM") 4.6611 ("Proposed Internal Restructuring").

Further details of the Proposed Internal Restructuring are set out in the attachment.


This announcement is dated 13 December 2023.




Please refer attachment below.



Announcement Info

Company Name STRAITS ENERGY RESOURCES BERHAD
Stock Name STRAITS
Date Announced 13 Dec 2023
Category General Announcement for PLC
Reference Number GA1-13122023-00058



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