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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SUNZEN BIOTECH BERHAD ("SUNZEN" OR "COMPANY") PROPOSED ACQUISITIONS OF THE REMAINING 30% EQUITY INTEREST IN: (I) ECOLITE BIOTECH MANUFACTURING SDN BHD, A 70%-OWNED SUBSIDIARY OF SUNZEN FOR A PURCHASE CONSIDERATION OF RM18.00 MILLION; AND 9II) YANMING RESOURCES SDN BHD, A 70%-OWNED SUBSIDIARY OF ECOLITE BIOTECH MANUFACTURING SDN BHD FOR A PURCHASE CONSIDERATION OF RM6.00 MILLION, TO BE SATISFIED BY WAY OF CASH AND ISSUANCE OF NEW SUNZEN SHARES (COLLECTIVELY, THE "PROPOSED ACQUISITIONS")

SUNZEN BIOTECH BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
SUNZEN BIOTECH BERHAD ("SUNZEN" OR "COMPANY")

PROPOSED ACQUISITIONS  OF THE REMAINING 30% EQUITY INTEREST IN:
(I) ECOLITE BIOTECH MANUFACTURING SDN BHD, A 70%-OWNED SUBSIDIARY OF SUNZEN FOR A PURCHASE CONSIDERATION OF RM18.00 MILLION; AND
9II) YANMING RESOURCES SDN BHD, A 70%-OWNED SUBSIDIARY OF ECOLITE BIOTECH MANUFACTURING SDN BHD FOR A PURCHASE CONSIDERATION OF RM6.00 MILLION,

TO BE SATISFIED BY WAY OF CASH AND ISSUANCE OF NEW SUNZEN SHARES
(COLLECTIVELY, THE "PROPOSED ACQUISITIONS")

Reference is made to the announcement dated 20 December 2023 ("Announcement"). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Announcement.

 

On behalf of the Company, M&A Securities Sdn Bhd wishes to announce that the Company is in the midst of negotiating with the Ecolite Vendors and Yanming Vendors to vary certain terms of the respective share sale agreements in connection with the profit guarantee.

 

Pending the finalisation of the supplemental agreements to vary the respective share sale agreements, the Company wishes to announce that it has on 3 May 2024, submitted the withdrawal of its additional listing application which was made on 19 January 2024. A fresh additional listing application will be resubmitted after the execution of the supplemental agreements.

 

This announcement is dated 3 May 2024.

 






Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 03 May 2024
Category General Announcement for PLC
Reference Number GA1-03052024-00008



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