Proposed Acquisition of 1,020,000 Ordinary Shares, Representing 51% of The Total Issued Shares Capital In Jr Engineering And Medical Technologies (M) Sdn Bhd ("JREMT") By Nusantara Jasakita Sdn Bhd ("NJSB") (a 90%-Owned Subsidiary Of Salcon Berhad) From Ganesan A/L Subramaniam ("Proposed Acquisition")

BackNov 16, 2020
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-13112020-00003
Subject PROPOSED ACQUISITION OF 1,020,000 ORDINARY SHARES, REPRESENTING 51% OF THE TOTAL ISSUED SHARES CAPITAL IN JR ENGINEERING AND MEDICAL TECHNOLOGIES (M) SDN BHD ("JREMT") BY NUSANTARA JASAKITA SDN BHD ("NJSB") (A 90%-OWNED SUBSIDIARY OF SALCON BERHAD) FROM GANESAN A/L SUBRAMANIAM ("PROPOSED ACQUISITION")
Description

SALCON BERHAD ("SALCON" OR "THE COMPANY") PROPOSED ACQUISITION OF 1,020,000 ORDINARY SHARES, REPRESENTING 51% OF THE TOTAL ISSUED SHARES CAPITAL IN JR ENGINEERING AND MEDICAL TECHNOLOGIES (M) SDN BHD BY NUSANTARA JASAKITA SDN BHD (A 90%-OWNED SUBSIDIARY OF SALCON) FROM GANESAN A/L SUBRAMANIAM
Query Letter Contents

We refer to your Company’s announcement dated 12 November 2020, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) Whether shareholders’ approval will be sought for Salcon Berhad’s diversification into the glove business pursuant to Paragraph 10.13 of the Main Market Listing Requirements.
2) The total capital and investment outlay to be incurred by JREMT for the additional 12 production lines (“Expansion”), its sources of funding (including the breakdown) and to quantify the portion to be borne by Salcon Berhad and/or NJSB.
3) The current production capacity and output of JREMT and the expected production capacity and output after the Expansion.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Reference is made to the announcement of the Company dated 12 November 2020 (“Announcement”) and the letter dated 13 November 2020 (IQL-13112020-00003) from Bursa Securities in relation to the Proposed Acquisition of 1,020,000 Ordinary Shares, representing 51% of the total issued shares capital in JR Engineering and Medical Technologies (M) Sdn Bhd by Nusantara Jasakita Sdn Bhd (A 90%-owned subsidiary of Salcon) from Ganesan A/L Subramaniam. Unless otherwise stated, all abbreviations and definition used herein shall have the same meanings as those defined in the Announcement.

 

Kindly refer to the attachment on the detail of reply. 

 

This announcement is dated 16 November 2020.  

 

Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 16 Nov 2020
Category General Announcement for PLC
Reference Number GA1-16112020-00022

Attachments

  1. Reply_Query_-_Proposed_Acquisition_of_shares_in_JREMT.pdf (Size: 119,962 bytes)