Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 23 Feb 2024
Category: General Announcement for PLC
Reference Number: GA1-23022024-00090
Type: Announcement
Subject: TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)NON RELATED PARTY TRANSACTIONS
Description: Proposed Acquisition of 70.00% Equity Interest in Medicwave (M) Sdn. Bhd
The Board of Directors of Kobay Technology Bhd. (“Kobay“) (“Board“) wishes to announce that on 23 February 2024 Avelon Healthcare Sdn. Bhd. (“AHSB”), its 70% owned subsidiary company proposes to undertake a proposed acquisition and subscription of a total of 116,669 ordinary shares in Medicwave (M) Sdn. Bhd. (“Medicwave”), representing 70.00% of the enlarged issue share capital of Medicwave for a total cash consideration of RM15,120,000, by entering into the following agreements:
– a Share Sale Agreement dated 23 February 2024 (“SSA”) entered into between AHSB as purchaser (“Purchaser”), Chin Wai Foong, Ho Pei Si and Lim Lai Choo as the vendor (“Vendors”), for the proposed acquisition of 50,001 ordinary shares in Medicwave (““Sale Share”), representing 50.00% equity interest in Medicwave for a cash consideration of RM10,800,000 (“Purchase Price”) (“Proposed Acquisition”); and
– a Subscription Agreement dated 23 February 2024 (“Subscription Agreement”) entered into between AHSB as subscriber, Medicwave as issuer, for the proposed subscription by AHSB of 66,668 new ordinary shares in Medicwave (“Medicwave Share(s)”) (“Subscription Share(s)”) for a cash subscription price of RM4,320,000 (“Proposed Subscription”).
(The Proposed Acquisition and Proposed Subscription are collectively referred to as the “Proposed Acquisition”)
Further details of the Proposed Acquisition, kindly refer to the attachment.
This announcement is dated 23 February 2024.
Please refer attachment below.
Attachments :
Bursa Announcement-Proposed Acquisition of Medicwave.pdf