OTHERS INDUSTRONICS (“ITRONIC” OR “THE COMPANY”)
– Subscription of Additional Shares in All Best Group Limited
INDUSTRONICS ("ITRONIC" OR "THE COMPANY") - Subscription of Additional Shares in All Best Group Limited
Reference is made to the earlier announcement dated 15 September 2020.
The Board of Directors of ITRONIC (“Board”) wishes to announce that pursuant to Paragraph 10.06 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“MMLR”), the Company has on 20 August 2021 entered into a Subscription Agreement (“SA”) with Bluemount Investment Fund SPC, a company incorporated in Cayman Islands (“BIF”) to subscribe for additional 2,449,999 ordinary shares in All Best Group Limited (incorporated in Hong Kong SAR with a Company number : 2942499) [“All Best”] for a total cash consideration of HKD2,449,999.00 (“Subscription”).
Currently, All Best is a wholly-owned subsidiary of ITRONIC, holding 1 ordinary share of HKD1. Upon completion of the Subscription, All Best shall become a 49%-owned associate company of ITRONIC, holding 2,450,000 ordinary shares alongside BIF who will subscribe to the remaining 51% equity interest (2,550,000 ordinary shares) in All Best.
The Board believes that the Subscription of shares will contribute positively to the future earnings and improve the financial position of ITRONIC Group (ITRONIC and its subsidiaries) via additional revenue and earnings contribution sharing from the e-commerce business carried out by All Best.
The Subscription is not expected to have material impact on the net assets or earnings of ITRONIC Group. Nevertheless, the Board envisages the Subscription is expected to have a positive impact on the future earnings and improve the net assets of ITRONIC Group once the potential benefits from the e-commerce business is materialised over time.
None of the directors or substantial shareholders of ITRONIC or persons connected to them have any interest, direct or indirect, in the Subscription, save except through ITRONIC.
This announcement is dated 20 August 2021.
|Company Name||INDUSTRONICS BERHAD|
|Date Announced||20 Aug 2021|
|Category||General Announcement for PLC|