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OTHERS SUNZEN BIOTECH BERHAD ("THE COMPANY" OR "SUNZEN") - SUBSCRIPTION OF SHARES IN FARMERS INTERNATIONAL HOLDING SDN. BHD. BY ECOLITE BIOTECH MANUFACTURING SDN. BHD., A SEVENTY PERCENT (70%) OWNED SUBSIDIARY OF SUNZEN

SUNZEN BIOTECH BERHAD

Type Announcement
Subject OTHERS
Description
SUNZEN BIOTECH BERHAD ("THE COMPANY" OR "SUNZEN") 
- SUBSCRIPTION OF SHARES IN FARMERS INTERNATIONAL HOLDING SDN. BHD. BY ECOLITE BIOTECH MANUFACTURING SDN. BHD., A SEVENTY PERCENT (70%) OWNED SUBSIDIARY OF SUNZEN
Reference is made to the Company’s announcement made on 24 January 2024. Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 24 January 2024.


Sunzen wishes to announce that Ecolite had on 2 May 2024 issued a notice of termination to FIHSB to terminate the SA for the Proposed Subscription due to non-fulfilment of the following Conditions Precedent by FIHSB within the conditional period which expired on 23 April 2024:
1. The execution of a shareholders’ agreement between the Existing Shareholders of FIHSB and Ecolite;
2. The execution of the Personal Guarantee; and
3. The obtainment of consent from one of the financiers on the restructuring of one of the subsidiaries of FIHSB.

Following the termination of the SA, FIHSB shall within seven (7) days from the date of termination (i.e. latest by 9 May 2024), refund Ecolite a sum of Ringgit Malaysia two million (RM2,000,000.00), being the deposit and first payment for the Subscription Price (“Refund”).


In addition, FIHSB shall also bear all the costs and expenses (including but not limited to the legal fee and financial and legal due diligence costs) that have been incurred by Ecolite in respect of the Proposed Subscription, totalling Ringgit Malaysia one hundred twenty two thousand three hundred three and Sen forty two (RM122,303.42) (“Costs and Expenses”). 


Upon the receipt of the Refund and the Costs and Expenses, the SA shall be at an end and of no further effect and none of the parties shall have any further claim against the other parties pursuant to the terms of the SA or arising therefrom save and except for any antecedent breach to the SA.


The aforesaid termination of the SA has no operational and financial impact to Sunzen.


This announcement is dated 2 May 2024.





Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 02 May 2024
Category General Announcement for PLC
Reference Number GA1-02052024-00099



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