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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS RESINTECH ("RESINTECH" OR "THE COMPANY") - SHARE SALE AND PURCHASE AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF 100% OF THE TOTAL ISSUED AND PAID-UP CAPITAL OF FORWARD METAL WORKS SDN. BHD.

RESINTECH BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
RESINTECH ("RESINTECH" OR "THE COMPANY") - SHARE SALE AND PURCHASE AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF 100% OF THE TOTAL ISSUED AND PAID-UP CAPITAL OF FORWARD METAL WORKS SDN. BHD.
(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those stated in the announcement dated 1 April 2024 in relation to the Proposed Acquisition)

Reference is made to the announcement dated 1 April 2024.

The Board of Directors of Resintech Berhad (“Resintech” or “the Company”) wishes to announce the following additional information relating to the Proposed Acquisition:-

(a) Pursuant to the Agreement, the Purchase Price will be satisfied in the following manner:-
    (i)   RM107,800 being 2% deposit of the Purchase Price paid on 9 February 2024.
    (ii)  RM431,200 being 8% deposit of the Purchase Price paid on 11 March 2024.
    (iii) The balance of RM4,851,000 being 90% of the Purchase Price (“the Balance”) shall be fully paid to Fornix within thirty (30) days from the     
          date of the Agreement, upon receipt of all documents and items referred to in clause 4.1(2)(a) of the Agreement.
          
          In the event the Company is unable to settle the Balance within the stipulated time mentioned above, Fornix agrees to grant to the Company    
          an extension of thirty (30) days from the expiry of the stipulated time to settle the Balance at an accrued interest of 8% per annum.

(b) The Company is planning to capture more markets in Sarawak. During the financial year ended 31 March 2024, the Group increased its operation capacity in Sarawak. A 5-minute drive from the Group’s current facility, the Property’s location of approximately 2km will help streamline business expansion and daily operations monitoring while also saving management time.

(c) The Purchase Price is arrived at based on a willing buyer-willing seller basis, after taking into consideration the suitability of the Property in terms of its size, accessibility, readiness and strategic location of the Property. The Property is in a ready-to-move in state, with furnished office and production and warehouse areas ready. The Company had been searching for a new location for a few months during which time it also verified the Property’s value with valuers and real estate brokers in Sarawak. 

The Board, after having considered all aspects of the above, is of the opinion that the Purchase Price is fair, reasonable and on normal commercial terms.

This announcement is dated 3 April 2024





Announcement Info

Company Name RESINTECH BERHAD
Stock Name RESINTC
Date Announced 03 Apr 2024
Category General Announcement for PLC
Reference Number GA1-03042024-00074



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