TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR THE "COMPANY") I. JOINT VENTURE DEVELOPMENT AGREEMENT BETWEEN VIVOCOM ENTERPRISE SDN BHD ("VESB") (AN INDIRECT 78.6%-OWNED SUBSIDIARY OF VIVOCOM) AND HANDY GOALS DEVELOPMENT SDN BHD ("HGDSB") TO DEVELOP AND COMPLETE AN ON-GOING RESIDENTIAL DEVELOPMENT IN SELANGOR ("JVDA"); AND II. PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF VIVOCOM AND ITS SUBSIDIARIES TO INCLUDE PROPERTY DEVELOPMENT ("PROPOSED DIVERSIFICATION") (COLLECTIVE
| VIVOCOM INTL HOLDINGS BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR THE "COMPANY")
I. JOINT VENTURE DEVELOPMENT AGREEMENT BETWEEN VIVOCOM ENTERPRISE SDN BHD ("VESB") (AN INDIRECT 78.6%-OWNED SUBSIDIARY OF VIVOCOM) AND HANDY GOALS DEVELOPMENT SDN BHD ("HGDSB") TO DEVELOP AND COMPLETE AN ON-GOING RESIDENTIAL DEVELOPMENT IN SELANGOR ("JVDA"); AND
II. PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF VIVOCOM AND ITS SUBSIDIARIES TO INCLUDE PROPERTY DEVELOPMENT ("PROPOSED DIVERSIFICATION")
(COLLECTIVE |
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The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Proposals.
Reference is made to the announcements dated 30 December 2019 and 3 January 2020 in relation to the Proposals.
On 30 December 2019, UOBKH had, on behalf of the Board, announced that the Company intends to undertake the Proposals ("Initial Announcement").
On 3 January 2020, Dato' Seri Chia Kok Teong ("Dato' Seri Chia") was appointed as the Chief Executive Director of Vivocom and also emerged as the major shareholder of Vivocom following his off-market acquisition of 1,305,169,346 ordinary shares in Vivocom ("Vivocom Shares"), representing 23.04% equity interest in Vivocom. For information purpose, Dato' Seri Chia is the ultimate major shareholder of HGDSB. Dato' Seri Chia holds 96.8% equity interest in V Development Sdn Bhd, which in turn owns the entire 100% equity interest in HGDSB.
Following the above, UOBKH, on behalf of the Board, wishes to announce that the JVDA is deemed to be a related party transaction, by virtue of Dato' Seri Chia's interest in both Vivocom and HGDSB, as further described in Section 2 of the Supplemental Announcement (as defined herein). Accordingly, UOBKH, on behalf of the Board, wishes to provide additional information herein this announcement to supplement the Initial Announcement ("Supplemental Announcement").
Further details of the Supplemental Announcement are set out in the attachment.
This announcement is dated 6 January 2020.
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Please refer attachment below.
Announcement Info
| Company Name | VIVOCOM INTL HOLDINGS BERHAD |
| Stock Name | VIVOCOM |
| Date Announced | 06 Jan 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06012020-00070 |