OTHERS SUNWAY BERHAD ("SUNWAY") - SETTLEMENT AGREEMENT BETWEEN SUNWAY HOLDINGS SDN BHD (A WHOLLY-OWNED SUBSIDIARY OF SUNWAY) AND LIM POH LO, LAU CHOR GEOK, LIM HWEE GUAN, KHOO CHAI EE, KHOO CHAI PEK AND PENG GAI HOCK (COLLECTIVELY, "ORIGINAL SHAREHOLDERS")
SUNWAY BERHAD ("SUNWAY") - SETTLEMENT AGREEMENT BETWEEN SUNWAY HOLDINGS SDN BHD (A WHOLLY-OWNED SUBSIDIARY OF SUNWAY) AND LIM POH LO, LAU CHOR GEOK, LIM HWEE GUAN, KHOO CHAI EE, KHOO CHAI PEK AND PENG GAI HOCK (COLLECTIVELY, "ORIGINAL SHAREHOLDERS")
We refer to our announcements dated 9 April 2015, 15 January 2016 and 11 August 2017 in relation to the execution of the following agreements by Sunway Holdings Sdn Bhd (“SunHoldings”), a wholly-owned subsidiary of Sunway:-
a) Share Sale Agreement dated 9 April 2015 (“SSA”) (as amended by the Supplemental Agreement dated 30 June 2015 and the Second Supplemental Agreement dated 15 January 2016) with the Original Shareholders for the sale and purchase of 500,000 ordinary shares, representing 100% of the total issued and paid-up share capital of PND Hardware & Trading Pte Ltd (“PND”) at an estimated purchase consideration of approximately S$2,567,192/-; and
b) Settlement Agreement dated 11 August 2017 (“Settlement Agreement”) with the Original Shareholders whereby the parties have agreed, amongst others, to sell the first tranche of 300,000 ordinary shares in PND (“Sale Shares”) to the Original Shareholders at the same price which it had paid to the Original Shareholders under the SSA (i.e. S$1,540,315.20) as well as to release each other from performing the second and third tranche of sale and purchase of ordinary shares in PND under the SSA.
The Board of Directors of Sunway hereby announce that the sale and purchase of the Sale Shares has completed and payments have been received from the Original Shareholders in accordance with the terms and conditions of the Settlement Agreement.
This announcement is dated 10 October 2017.
|Company Name||SUNWAY BERHAD|
|Date Announced||10 Oct 2017|
|Category||General Announcement for PLC|