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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 14 December 2023, UOB Kay Hian Securities Sdn Bhd ("UOBKH") had, on behalf of the Board of Directors of Straits ("Board"), announced that the Company had completed the transfer of 1,000,000 ordinary shares in Straits Marine Fuels & Energy Sdn Bhd ("SMF"), representing 100% of the equity interest in SMF to TMD Energy Limited ("TMDel") for a purchase consideration of RM11,101,874 (equivalent to USD2,381,814) to be satisfied entirely via cash or the issuance of new ordinary shares in TMDel ("TMDel Shares") or a combination of both.

Further to the above, the Board is pleased to announce the following proposals:-

i. SMF, an indirect wholly-owned subsidiary of Straits had, on 28 December 2023 entered into a conditional shares sale and purchase agreement with Straits and TMDel for the proposed transfer of 10 ordinary shares in TMD Straits Ltd ("TMD Straits") ("TMD Straits Shares") ("TMD Straits Sale Share(s)"), representing 100% of the equity interest in TMD Straits for a purchase consideration of RM2,489,812 (equivalent to USD534,168) ("TMD Straits Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("TMD Straits Restructuring SSA");

ii. SMF had, on 28 December 2023 entered into a conditional shares sale and purchase agreement with Straits and TMDel for the proposed transfer of 10 ordinary shares in TMD Sturgeon Ltd ("TMD Sturgeon") ("TMD Sturgeon Shares") ("TMD Sturgeon Sale Share(s)"), representing 100% of the equity interest in TMD Sturgeon for a purchase consideration of RM3,168,423 (equivalent to USD679,759) ("TMD Sturgeon Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("TMD Sturgeon Restructuring SSA");

iii. SMF had, on 28 December 2023 entered into a conditional shares sale and purchase agreement with Straits and TMDel for the proposed transfer of 51,000 ordinary shares in Straits Marine Services Pte Ltd ("SMS") ("SMS Shares") ("SMS Sale Share(s)"), representing 51% of the equity interest in SMS for a purchase consideration of RM3,460,612 (equivalent to USD742,445) ("SMS Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("SMS Restructuring SSA"); and

iv. SMF had, on 28 December 2023 entered into a conditional shares sale and purchase agreement with Straits and TMDel for the proposed transfer of 10,500,000 ordinary shares in Tumpuan Megah Development Sdn Bhd ("TMD") ("TMD Shares") ("TMD Sale Share(s)"), representing 70% of the equity interest in TMD for a purchase consideration of RM22,682,307 (equivalent to USD4,866,299) ("TMD Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("TMD Restructuring SSA").

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

 

This announcement is dated 28 December 2023.

 




Please refer attachment below.



Announcement Info

Company Name STRAITS ENERGY RESOURCES BERHAD
Stock Name STRAITS
Date Announced 28 Dec 2023
Category General Announcement for PLC
Reference Number GA1-28122023-00041



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