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Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions

BackSep 19, 2018

Type

Announcement

Subject

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS

Description

SALCON BERHAD (SALCON OR THE COMPANY)

PROPOSED DISPOSAL OF 918,182 ORDINARY SHARES, REPRESENTING 50.5% OF THE EQUITY INTEREST IN RAYVN AS (RAS), TO TOTAL SAFETY AS (TSA) AND ENOVATE AS (ENOVATE) BY SALCON ELU SDN BHD (FORMERLY KNOWN AS TANJUNG JUTARIA SDN BHD) (SALCON ELU), A WHOLLY-OWNED SUBSIDIARY OF SALCON ENGINEERING BERHAD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF SALCON

Pursuant to Paragraphs 9.19(24) and 10.05 of Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Board of Directors of Salcon, wishes to announce the following transactions:-

1. Salcon ELU has on 18 September 2018 entered into a Share Purchase Agreement (“SPA”) with TSA and ENOVATE (“Buyers”) for the disposal of 918,182 ordinary shares, each with a face value of Norwegian Krone (“NOK”) 1.00 each, representing 50.5% of the equity interest in RAS to the Buyers for a sale consideration of NOK1.00 (equivalent to approximately RM0.50*) only together with the undertakings from Buyers; and

2. On the even date, Salcon ELU entered into a Software Acquisition Agreement In Relation to RAVYN Daily Operation (“SAA”) with RAS and the Buyers for RAS to transfer all of the right, title and interest in and to the intellectual property rights and know-how in relation to the RAYVN Daily Operation Software (“RAYVN Daily Operation Software”) to Salcon ELU (“Acquisition of RAYVN Daily Operation Software”) for a full and total consideration being the waiver of all outstanding claims owed by RAS to Salcon ELU of NOK6,500,000 (equivalent to approximately RM3,301,740*) only.

Please refer to the attached file for more details.

Announcement Info

Company Name

SALCON BERHAD

Stock Name

SALCON

Date Announced

19 Sep 2018