ACQUISITION OF 51% EQUITY INTEREST IN SOUTHERN POWER GENERATION SDN. BHD.
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1 TENAGA NASIONAL BERHAD ACQUISITION OF 51% EQUITY INTEREST IN SOUTHERN POWER GENERATION SDN. BHD. 1. INTRODUCTION Tenaga Nasional Berhad ( TNB ) wishes to announce that it has today, entered into a Share Sale and Purchase Agreement ( SSPA ) with SIPP Energy Sdn. Bhd. ( SIPP Energy ) and a Shareholders Agreement ( SHA ) with SIPP Energy and Southern Power Generation Sdn. Bhd. ( SPG ) for the acquisition of a 51% shareholding in SPG ( the Acquisition ) for a total consideration of RM51.00 ( Acquisition Consideration ). SPG was incorporated on 12 August 2016 as the special purpose vehicle company for the development of 2x720MW Combined Cycle Gas Turbine Power Plant in Pasir Gudang, Johor ( the Project ). Prior to the Acquisition, SIPP Energy owned 100% equity in SPG. Upon completion of the Acquisition, SPG will become a subsidiary of TNB. The Project is expected to achieve its Scheduled Commercial Operation Date ( SCOD ) on 1 July The Project will enhance TNB s generation capacity and will give a positive impact on TNB s earnings, and in return it will add long-term value for TNB s shareholders. 2. DETAILS OF THE ACQUISITION Basis of Determining the Acquisition Consideration and Mode of Satisfaction The Acquisition Consideration was derived based on the RM issued share capital in SPG. TNB will utilise its internal funds to pay the Acquisition Consideration. Salient Terms and Conditions of the SSPA TNB acquires 51% of the entire shareholding in SPG from SIPP Energy for the Acquisition Consideration. The Acquisition Consideration shall be paid by TNB to SIPP Energy upon satisfaction of all the conditions precedent to the SSPA. SIPP Energy has provided customary representations and warranties in relation to financial and business affairs of SPG. 1
2 (iv) All key decisions relating to the business and operations of SPG must be conducted with the consent of TNB pending completion of all the conditions precedent as stipulated in the SSPA. Salient Terms and Conditions of the SHA TNB will become the beneficial owner of 51% shareholding in SPG. The Board composition shall consist of eight (8) Directors whereby five (5) Directors from TNB including the Chairman of the Board and three (3) from SIPP Energy. The SHA may be terminated by notice in writing if a party defaults in material breach of any of its material obligations, undertakings, representations or warranties and in an event of termination defined in the SHA (i.e. winding up, liquidation). 3. RATIONALE AND PROSPECTS FOR THE ACQUISITION (iv) (v) The Project is expected to be earnings accretive to TNB upon its SCOD. Acquisition of the Project will enhance the certainty of the Project completion by bringing TNB s technical expertise and financial strength. The Project will increase TNB s generation market share and efficiency of our generation asset portfolio, which in turn will accelerate our aspiration to become a top 10 global utility by The Project is strategically located in Pasir Gudang Industrial Zone which reinforce the security of supply in Peninsular Malaysia, particularly to the southern region. The Acquisition will create value accretive to TNB s shareholders. 2
3 4. RISK IN RELATION TO THE ACQUISITION TNB together with appointed advisors have carried out a comprehensive due diligence and risk assessment on the Acquisition of the Project. The identified risks associated to the Project have been assessed and mitigated appropriately. 5. FINANCIAL EFFECTS OF THE ACQUISITION Issued Share Capital The Acquisition will not have any effect on the issued share capital of TNB. Substantial Shareholders Shareholdings The Acquisition will not have any effect on the substantial shareholders shareholdings of TNB. Earnings and Earnings Per Share ( EPS ), Net Assets Per Share and Gearing The Acquisition is expected to be earnings accretive to TNB upon the SCOD of the Project. This transaction will not have any material effect on TNB s consolidated net assets per share. The effects on TNB s future earnings and EPS will only be determined upon completion of the project. Estimated Project costs are approximately RM4.7 billion and will be financed through a combination of project finance and equity. Any debt to be raised will increase TNB s consolidated gearing, the quantum of which is dependent on the amount borrowed. The Acquisition however is not expected to have a material effect on TNB s gearing position. 6. APPROVALS REQUIRED The Acquisition has received the approval of Suruhanjaya Tenaga and the Government of Malaysia. This transaction does not require approval by TNB s shareholders, as stipulated in Paragraph 9 of this announcement. 7. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED WITH THEM None of the Directors and/or Major Shareholders of TNB and/or persons connected with them has any interest, direct or indirect, in relation to the Acquisition. 3
4 8. DIRECTORS STATEMENT After having considered all aspects of the Acquisition, the Board of Directors of TNB is of the view that the Acquisition is in the best interest of TNB. 9. HIGHEST PERCENTAGE RATIO PURSUANT TO PARAGRAPH 10.02(G) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ( MMLR ) The highest percentage ratio applicable for the Acquisition pursuant to paragraph 10.02(g) of the MMLR is 2.11% based on the latest audited consolidated financial statements of TNB for the Financial Year ended 31 August ESTIMATED TIME FRAME FOR COMPLETION OF THE ACQUISITION The Acquisition is expected to be completed upon fulfilment of all conditions precedent in the SSPA within 45 days after the execution of SSPA. 11. INFORMATION ON THE ENTITIES TNB TNB was incorporated in Malaysia on 12 July 1990 as a public company under the name of Tenaga Nasional Berhad, of which was listed on the Main Board (now known as the Main Market) of Bursa Malaysia Securities Berhad on 28 May The issued share capital of TNB as at 28 April 2017 is RM5,652,334, divided into 5,652,334,171 ordinary shares and One (1) Special Rights Redeemable Preference Share which have been fully paid up. TNB is primarily involved in the business of generation, transmission, distribution and sales of electricity. Through its subsidiaries, TNB is involved, among others, in the manufacture of transformers; high voltage switchgears and cables; the provision of consultancy services; the provision of education and training services; the provision of repair and maintenance services and research and development. SIPP Energy SIPP Energy is a private limited company incorporated in Malaysia on 6 March 2012 under the Companies Act, The issued share capital of SIPP Energy 4
5 is RM100, which consists of 100,000 ordinary shares of which have been fully paid-up. SPG SPG is a private limited company incorporated in Malaysia on 12 August 2016 under the Companies Act, The issued share capital of SPG is RM which consists of 100 ordinary shares of which have been fully paid up. SPG was established to be the Special Purpose Vehicle in relation to the Project. This announcement is dated 3 May
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KESM INDUSTRIES BERHAD ( KESMI OR THE COMPANY ) PROPOSED ACQUISITION OF THE REMAINING 692,308 ORDINARY SHARES OF RM1.00 EACH IN KESM TEST (M) SDN BHD ( KESM TEST ) ( KESM TEST SHARE(S) ), REPRESENTING
More informationThe Board of Directors of OSKH wishes to announce that:
OSK HOLDINGS BERHAD ( OSKH OR THE COMPANY ) SHARE SALE AGREEMENT ENTERED BY PJ DEVELOPMENT HOLDINGS BERHAD AND EMPLOYEES PROVIDENT FUND BOARD AND SUBSCRIPTION AGREEMENT ENTERED BY YARRA AUSTRALIA DEVELOPMENT
More information(The Proposed Share Split and the Proposed Amendment are collectively referred to as the Proposals.) Basis and number of the Subdivided Shares
V.S. INDUSTRY BERHAD ( VSIB OR COMPANY ) (I) (II) PROPOSED SHARE SPLIT; AND PROPOSED AMENDMENT 1. INTRODUCTION On behalf of the Board of Directors of VSIB ( Board ), Maybank Investment Bank Berhad ( Maybank
More information(III) PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF EGIB TO FACILITATE THE ISSUANCE OF RCPS ( PROPOSED AMENDMENTS )
EG INDUSTRIES BERHAD ( EGIB OR COMPANY ) (I) PROPOSED RENOUNCEABLE RIGHTS ISSUE OF UP TO 67,296,172 NEW REDEEMABLE CONVERTIBLE PREFERENCE SHARES ( RCPS ) AT AN INDICATIVE ISSUE PRICE OF RM0.95 PER RCPS
More informationAEON CREDIT SERVICE (M) BERHAD ( ACSM OR COMPANY )
AEON CREDIT SERVICE (M) BERHAD ( ACSM OR COMPANY ) (I) PROPOSED BONUS ISSUE OF 72,000,000 NEW ORDINARY SHARES IN ACSM ( BONUS SHARES ) AT AN ISSUE PRICE OF RM0.50 EACH TO BE CAPITALISED FROM THE COMPANY
More informationThe salient terms and conditions of the Proposed SIS, which are governed by the By-Laws are set out as below:
MUHIBBAH ENGINEERING (M) BHD ( MEB OR THE COMPANY ) PROPOSED ESTABLISHMENT OF A NEW SHARE ISSUANCE SCHEME ( SIS ) OF UP TO 10% OF THE TOTAL NUMBER OF ISSUED SHARES IN MEB (EXCLUDING TREASURY SHARES) AT
More informationPROPOSED PRIVATE PLACEMENT OF UP TO 10% OF THE TOTAL NUMBER OF ISSUED SHARES OF KGB (EXCLUDING TREASURY SHARES) ( PROPOSED PRIVATE PLACEMENT )
KELINGTON GROUP BERHAD ( KGB OR THE COMPANY ) PROPOSED PRIVATE PLACEMENT OF UP TO 10 OF THE TOTAL NUMBER OF ISSUED SHARES OF KGB (EXCLUDING TREASURY SHARES) ( PROPOSED PRIVATE PLACEMENT ) 1. INTRODUCTION
More informationDetails of the Proposed Acquisition are set out in the ensuing sections.
POWER ROOT BERHAD ( POWER ROOT OR THE COMPANY ) PROPOSED ACQUISITION 1. INTRODUCTION On behalf of the Board of Directors of Power Root ("Board"), RHB Investment Bank Berhad ("RHBIB") is pleased to announce
More informationPROPOSED TERMINATION OF THE EXISTING EXECUTIVE SHARE OPTION SCHEME PROPOSED ESTABLISHMENT OF A NEW EXECUTIVE SHARE OPTION SCHEME
HONG LEONG INDUSTRIES BERHAD (I) (II) PROPOSED TERMINATION OF THE EXISTING EXECUTIVE SHARE OPTION SCHEME PROPOSED ESTABLISHMENT OF A NEW EXECUTIVE SHARE OPTION SCHEME 1. Introduction On behalf of Hong
More informationKSK GROUP BERHAD (FORMERLY KNOWN AS KURNIA ASIA BERHAD) ("KSK" OR THE"COMPANY")
KSK GROUP BERHAD (FORMERLY KNOWN AS KURNIA ASIA BERHAD) ("KSK" OR THE"COMPANY") PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE UNDER SECTION 64 OF THE COMPANIES ACT, 1965 INVOLVING KSK ("PROPOSED
More informationPROPOSED SUBSCRIPTION OF 51% EQUITY INTEREST IN MEMANG PERKASA SDN BHD
1. INTRODUCTION The Board of Directors of Malton wishes to announce that the Company had on 22 January 2016 entered into a conditional subscription agreement ( SA ) with Memang Perkasa Sdn Bhd ( MPSB )
More informationPROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL; AND
LAY HONG BERHAD ( LHB OR THE COMPANY ) PROPOSED BONUS ISSUE OF SHARES; PROPOSED SHARE SPLIT; PROPOSED FREE WARRANTS ISSUE; PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL; AND PROPOSED AMENDMENT (COLLECTIVELY
More informationReference is made to the announcements made by Perisai on 9 December 2016 in relation to the following:
PERISAI PETROLEUM TEKNOLOGI BHD ( PERISAI OR THE COMPANY ) PROPOSED SETTLEMENT AGREEMENT IN RESPECT OF THE DISPUTES ARISING FROM OR IN CONNECTION WITH THE SHARE SALE AGREEMENT DATED 30 NOVEMBER 2012 (
More informationSUNWAY BERHAD ( SUNWAY OR THE COMPANY )
SUNWAY BERHAD ( SUNWAY OR THE COMPANY ) (I) (II) PROPOSED BONUS ISSUE OF UP TO 2,804,471,128 NEW ORDINARY SHARES IN SUNWAY ( SUNWAY SHARES OR SHARES ) ( BONUS SHARES ) ON THE BASIS OF FOUR (4) BONUS SHARES
More informationFurther details of the Proposed Free Warrants Issue are set out in the ensuing sections.
HIBISCUS PETROLEUM BERHAD ( HIBISCUS PETROLEUM OR COMPANY ) PROPOSED FREE WARRANTS ISSUE 1. INTRODUCTION On behalf of the Board of Directors of Hibiscus Petroleum ( Board ), RHB Investment Bank Berhad
More informationProposed amendments to the Articles of Association of the Company to facilitate the implementation of the Proposed Transfer ( Proposed Amendments ).
HSS ENGINEERS BERHAD ( HEB OR COMPANY ) (I) (II) PROPOSED TRANSFER; AND PROPOSED AMENDMENTS 1. INTRODUCTION On behalf of the Board of Directors of the Company ( Board ), M&A Securities Sdn Bhd wishes to
More information2.1.1 Proposed Employee Share Option Scheme ( Proposed ESOS )
CORPORATION BERHAD ( ) PROPOSED ESTABLISHMENT OF A LONG TERM INCENTIVE PLAN FOR THE ELIGIBLE EMPLOYEES AND DIRECTORS OF AND ITS SUBSIDIARIES ( GROUP ) ( PROPOSED LTIP ) 1. INTRODUCTION On behalf of the
More information(i) the issued share capital of Hartalega is RM881,541,684 comprising 1,652,905,014 Hartalega Shares; and
HARTALEGA ( HARTALEGA OR THE COMPANY ) PROPOSED BONUS ISSUE 1. INTRODUCTION On behalf of the Board of Directors of Hartalega ( Board ), RHB investment Bank Berhad ( RHB Investment Bank ) wishes to announce
More informationGADANG HOLDINGS BERHAD ( GADANG OR THE COMPANY ) PROPOSED SHARE SPLIT; PROPOSED BONUS ISSUE OF SHARES; PROPOSED BONUS ISSUE OF WARRANTS;
GADANG HOLDINGS BERHAD ( GADANG OR THE COMPANY ) (I) (II) (III) (IV) (V) (VI) PROPOSED SHARE SPLIT; PROPOSED BONUS ISSUE OF SHARES; PROPOSED BONUS ISSUE OF WARRANTS; PROPOSED ESOS; PROPOSED INCREASE IN
More informationPROPOSED PRIVATE PLACEMENT OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF GADANG ( PROPOSED PRIVATE PLACEMENT )
GADANG HOLDINGS BERHAD ( GADANG OR THE COMPANY ) PROPOSED PRIVATE PLACEMENT OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF GADANG ( PROPOSED PRIVATE PLACEMENT ) 1. INTRODUCTION On
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RCE CAPITAL BERHAD ( RCE OR COMPANY ) Proposed Bonus Issue Proposed Rights Issue Proposed Exemption Proposed Increase In Authorised Share Capital Proposed Amendments I Proposed Amendments II 1. INTRODUCTION
More informationMMC CORPORATION BERHAD ( MMC OR COMPANY )
( MMC OR COMPANY ) PROPOSED ACQUISITION OF 7,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING 70.0% ORDINARY EQUITY INTEREST AND 4,990,000 IRREDEEMABLE CONVERTIBLE CUMULATIVE PREFERENCE SHARES OF RM1.00
More informationTERM SHEET RELATING TO THE OFFERING OF UP TO
TERM SHEET RELATING TO THE OFFERING OF UP TO 50,000,000 EUROPEAN STYLE NON-COLLATERALISED CASH-SETTLED CALL WARRANTS OVER THE ORDINARY SHARES OF TENAGA NASIONAL BERHAD ( TENAGA ) ( TENAGA SHARES ) WITH
More informationPROPOSED ACCELERATION OF THE CONVERSION PERIOD OF THE IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS") OF YTB ("PROPOSED ACCELERATION OF ICPS")
YONG TAI BERHAD ("YTB" OR THE COMPANY") PROPOSED ACCELERATION OF THE CONVERSION PERIOD OF THE IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS") OF YTB ("PROPOSED ACCELERATION OF ICPS") 1. INTRODUCTION
More informationLAFARGE MALAYSIA BERHAD (Company No.: 1877-T) (Incorporated in Malaysia under the Companies Act, 1965)
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the course of action to be taken, you should consult your stockbroker, bank manager, solicitor, accountant
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Bursa Malaysia Securities Berhad has not perused this Share Buy-back Statement prior to its issuance, takes no responsibility for the contents of this Statement, makes no representation as to its accuracy
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EXECUTION OF SHARE SALE AND PURCHASE AGREEMENT AND SHAREHOLDERS AGREEMENT IN ESCROW BY CSC STEEL HOLDINGS BERHAD ( CHB ) IN RESPECT OF PURCHASE OF 8,000,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING
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More informationFurther details on the Proposed Bonus Issue are set out in the following sections.
HUA YANG BERHAD ( HYB OR THE COMPANY ) PROPOSED BONUS ISSUE OF 18,000,000 NEW ORDINARY SHARES OF RM1.00 EACH IN HYB ( HYB SHARE(S) OR SHARE(S) ) ( BONUS SHARE(S) ) ON THE BASIS OF ONE (1) BONUS SHARE FOR
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