KUALA LUMPUR – Investment holding company G Neptune Bhd (GNB) has inked a Memorandum of Understanding (MoU) with construction firm Southern Score Sdn Bhd (Southern Score) for a proposed 75% equity interest acquisition into its single shareholder, Super Advantage Property Sdn Bhd (Super Advantage).
In a filing with Bursa Malaysia today, GNB said this was to provide both parties a non-binding basis for taking discussions forward towards a definitive agreement, reflecting the terms of the MoU.
“An announcement detailing the terms, effects and all relevant disclosures of the proposed acquisition pursuant to the ACE Market listing requirements of Bursa Malaysia Securities Bhd will be released upon execution of the definitive agreement,” it said.
It also said completion of the proposed acquisition is subject to, among others, the fulfilment of financial results, technical, tax, and legal due diligence to be conducted on Southern Score by GNB’s representatives; and results of the financial, tax, and legal due diligence inquiry to be conducted on the GNB group by Super Advantage.
Both parties would enter into the agreement by not later than six months from today or another extended period which is mutually agreed by GNB and Super Advantage.
“The MoU is not expected to have any effect on the earnings per ordinary share in GNB, net assets per share and gearing of GNB and its subsidiary, as well as the company’s share capital and substantial shareholders’ shareholding,” it added. – Bernama, December 31, 2020
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