ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Sep 13, 2022 20:00 JST
Source:
G Neptune Berhad
Shareholders of G Neptune Approved its Regularisation Plan
A key milestone for G Neptune's proposed regularisation plan which includes amongst others, the proposed acquisition of Southern Score and a proposed private placement raising at least RM108.6 million
KUALA LUMPUR, Sep 13, 2022 - (ACN Newswire) - The non-interested shareholders of G Neptune Berhad have approved its proposed regularisation plan during the extraordinary general meeting (EGM) held today. The shareholders' approval marks a key milestone for G Neptune's proposed regularisation plan which is expected to address the Company's Guidance Note 3 (GN3) status as well as return it to a stronger financial standing as well as profitability.
Peter Ling Sie Wuong, Independent Non-Executive Director; Cheah Hannon, Independent Non-Executive Director; Chai Tham Poh, Executive Director; and Dato' Haji Mohd Amran Bin Wahid, Non Independent Non Executive Chairman from G Neptune Berhad; Tan Sri Datuk Seri Gan Yu Chai, MD; Datuk Sydney Lim Tai Chin, ED; and Gan Yee Hin, ED and CEO from Southern Score Sdn. Bhd. and Alvin Ooi, Acting Head of Corporate Finance of Kenanga Investment Bank Berhad [L-R]
Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score
An integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.
Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.
Shareholders also approved to change the Company's name to "Southern Score Builders Berhad", a move undertaken by the Company to better reflect G Neptune's new corporate identity moving forward.
Commenting on the shareholders' approval, Gan Yee Hin said, "We would like to thank the shareholders for putting their trust and confidence in us. This is a key milestone towards the long-awaited completion of the regularisation plan. With the injection of Southern Score, we believe that G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders."
Other than the proposed acquisition and proposed change of name, shareholders also approved the following proposals which are part of the proposed regularisation plan:
- proposed consolidation of every 10 existing G Neptune's shares into one share;
- proposed debt settlement amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;
- proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and;
- proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.
Gan Yee Hin added, "The shareholders' approval obtained today heralds a new beginning for Southern Score as we gain a step closer towards obtaining a listing status via GNB. We intend to leverage on our listing status to further grow our business for which our shareholders will also be able to partake in. We expect Southern Score's growth to be fuelled from growth in the construction sector where construction activities is expected to increase in tandem with economic growth following the reopening of the economy and country borders."
Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.
G Neptune Berhad: 0045 [BURSA: GNB],
https://www.gneptune.com/
Southern Score:
https://southernscore.com.my/
Source: G Neptune Berhad
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
Copyright ©2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
TOYOTA GAZOO Racing begins WRC title bid with a legendary challenge
Jan 17, 2025 19:53 JST
Mitsubishi Corporation and JOGMEC Announce Investment in eFuels provider Infinium
Jan 17, 2025 14:35 JST
NEC Listed on the World Index and Asia Pacific Index of Dow Jones Sustainability Indices (DJSI)
Jan 17, 2025 12:47 JST
Mitsubishi Power Reinforces Commitment to Saudi Arabia's Sustainable Energy Future at Saudi Aramco's IKTVA Forum 2025
Jan 16, 2025 16:56 JST
JCB and DOJO Partner to Help Cardmembers Enjoy a More Seamless Payment Experience
Jan 16, 2025 11:00 JST
MHI Delivers 60 Cars for the Nippori-Toneri Liner Model 330
Jan 15, 2025 16:38 JST
JCB and Taiwan Rakuten Card Launch New JCB Panda Card
Jan 15, 2025 15:00 JST
Fujitsu, Resona Bank and Saitama Resona Bank launch new web service to simplify home-buying process
Jan 15, 2025 13:13 JST
FDA Accepts LEQEMBI (lecanemab-irmb) Biologics License Application for Subcutaneous Maintenance Dosing for the Treatment of Early Alzheimer's Disease
Jan 15, 2025 10:03 JST
18th Asian Financial Forum wraps up successfully
Jan 14, 2025 20:56 JST
Honda Civic Hybrid Named 2025 North American Car of the Year, Making Civic the Most Honored Model in the History of the Award
Jan 13, 2025 17:07 JST
Galaxy Payroll: Driving Innovation in Human Resources Management
Jan 10, 2025 23:35 JST
Honda 2025 Motorsports Program Overview
Jan 10, 2025 20:26 JST
TOYOTA GAZOO Racing Exhibiting at Tokyo Auto Salon 2025
Jan 10, 2025 18:38 JST
Mazda Introduce the All-NEW "Mazda6" Battery EV in Europe
Jan 10, 2025 17:27 JST
JCB unveils a new e-book that empowers merchants and acquirers to harness growth drivers in the European region
Jan 10, 2025 12:00 JST
NEC and Biomy Partner to Develop and Expand AI-Based Analytical Platforms in the Digital Pathology Field
Jan 10, 2025 11:37 JST
Outlander PHEV Tops Canada's Plug-In Hybrid EV Sales in 2024
Jan 10, 2025 09:25 JST
Honda Presents World Premiere of Honda 0 Saloon and Honda 0 SUV Prototypes at CES 2025
Jan 08, 2025 17:32 JST
Honda and Renesas Sign Agreement to Develop High-Performance SoC for Software-Defined Vehicles
Jan 08, 2025 12:30 JST
More Latest Release >>
Related Release
Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive
September 24 2022 19:00 JST
G Neptune Seeks Shareholders' Approval to Acquire Southern Score, a construction Management Services Company, as part of its Proposed Regularisation Plan
August 22 2022 13:00 JST
More Press release >>