ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Sep 13, 2022 20:00 JST
Source:
G Neptune Berhad
Shareholders of G Neptune Approved its Regularisation Plan
A key milestone for G Neptune's proposed regularisation plan which includes amongst others, the proposed acquisition of Southern Score and a proposed private placement raising at least RM108.6 million
KUALA LUMPUR, Sep 13, 2022 - (ACN Newswire) - The non-interested shareholders of G Neptune Berhad have approved its proposed regularisation plan during the extraordinary general meeting (EGM) held today. The shareholders' approval marks a key milestone for G Neptune's proposed regularisation plan which is expected to address the Company's Guidance Note 3 (GN3) status as well as return it to a stronger financial standing as well as profitability.
Peter Ling Sie Wuong, Independent Non-Executive Director; Cheah Hannon, Independent Non-Executive Director; Chai Tham Poh, Executive Director; and Dato' Haji Mohd Amran Bin Wahid, Non Independent Non Executive Chairman from G Neptune Berhad; Tan Sri Datuk Seri Gan Yu Chai, MD; Datuk Sydney Lim Tai Chin, ED; and Gan Yee Hin, ED and CEO from Southern Score Sdn. Bhd. and Alvin Ooi, Acting Head of Corporate Finance of Kenanga Investment Bank Berhad [L-R]
Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score
An integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.
Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.
Shareholders also approved to change the Company's name to "Southern Score Builders Berhad", a move undertaken by the Company to better reflect G Neptune's new corporate identity moving forward.
Commenting on the shareholders' approval, Gan Yee Hin said, "We would like to thank the shareholders for putting their trust and confidence in us. This is a key milestone towards the long-awaited completion of the regularisation plan. With the injection of Southern Score, we believe that G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders."
Other than the proposed acquisition and proposed change of name, shareholders also approved the following proposals which are part of the proposed regularisation plan:
- proposed consolidation of every 10 existing G Neptune's shares into one share;
- proposed debt settlement amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;
- proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and;
- proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.
Gan Yee Hin added, "The shareholders' approval obtained today heralds a new beginning for Southern Score as we gain a step closer towards obtaining a listing status via GNB. We intend to leverage on our listing status to further grow our business for which our shareholders will also be able to partake in. We expect Southern Score's growth to be fuelled from growth in the construction sector where construction activities is expected to increase in tandem with economic growth following the reopening of the economy and country borders."
Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.
G Neptune Berhad: 0045 [BURSA: GNB],
https://www.gneptune.com/
Southern Score:
https://southernscore.com.my/
Source: G Neptune Berhad
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST
Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST
All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST
Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST
Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST
Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST
New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST
Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST
MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST
More Latest Release >>
Related Release
Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive
September 24 2022 19:00 JST
G Neptune Seeks Shareholders' Approval to Acquire Southern Score, a construction Management Services Company, as part of its Proposed Regularisation Plan
August 22 2022 13:00 JST
More Press release >>