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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS PECCA GROUP BERHAD ("PECCA" OR "COMPANY") I. PROPOSED ACQUISITION; AND II. PROPOSED DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

PECCA GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
PECCA GROUP BERHAD ("PECCA" OR "COMPANY")

I.	PROPOSED ACQUISITION; AND

II.	PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in Pecca’s announcement dated 2 August 2021.

Reference is made to the Company’s announcements dated 2 August 2021 and 8 November 2021 in relation to the Proposals.

Further to the announcement in relation to the termination of the share sale and purchase agreement (“SPA”) dated 8 November 2021, Public Investment Bank Berhad, on behalf of the Board wishes to announce that the Board has decided to terminate the SPA after taking into consideration conservation of cash for the potential expansion plan to meet increasing and prospective demands for the automotive segment. Nevertheless, the Board intends to continue its effort to explore and evaluate a business strategy that suits the Group’s intention to diversify the Group’s business to the healthcare related segment.

Further, the termination of the SPA was mutually agreed between the Company and the Vendor in accordance with clause 10.1.1 of the SPA. As such, the Company will not be pursuing or taking any legal action in relation to the termination of the SPA.

The termination of the SPA is not expected to have any material impact on the earnings and net asset per share of the Group.

 

This announcement is dated 9 November 2021.






Announcement Info

Company Name PECCA GROUP BERHAD
Stock Name PECCA
Date Announced 09 Nov 2021
Category General Announcement for PLC
Reference Number GA1-09112021-00084


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