KUALA LUMPUR: SAM Engineering & Equipment (M) Bhd (formerly known as LKT INDUSTRIAL BHD []) has received the Securities Commission's approval to issue debt notes totalling RM135.00 million as part of the corporate exercise to retain its listing.
It said on Tuesday, Aug 2, the SC had vide its letter dated July 29, granted its approval for the proposed issuance of RM135.00 million irredeemable cumulative unsecured loan stocks (ICULS) which would be used to acquire the assets and manufacturing business of engine casing.
The business would be acquired from a division of Singapore Aerospace Manufacturing Pte Ltd.
The proposed acquisition for an initial purchase consideration of RM135.0 million would be satisfied via the issuance of 101.25 million ICULS at an issue price of RM1 each to SAM Singapore and the remaining RM33.75 million, subject to adjustment, in cash.
On April 1, SAM Malaysia executive director and chief executive officer Jeffrey Goh said the acquisition was part of its long-term strategy to grow the business and diversify the customer base beyond the current backend business.
The proposed acquisition was part of the corporate exercise after its major shareholder Singapore Precision Engineering Ltd (SPE) intended to retain the listing status of SAM Engineering and it would undertake a proposed rectification plan about its shareholding.
On March 31, SAM Engineering said SPE intended to retain the listing status of SAM Engineering and it would undertake a proposed rectification plan about its shareholding.
It said the company did not meet the requisite majority in number of shareholders voting in favour of the special resolution for the delisting at the EGM.
It said on Tuesday, Aug 2, the SC had vide its letter dated July 29, granted its approval for the proposed issuance of RM135.00 million irredeemable cumulative unsecured loan stocks (ICULS) which would be used to acquire the assets and manufacturing business of engine casing.
The business would be acquired from a division of Singapore Aerospace Manufacturing Pte Ltd.
The proposed acquisition for an initial purchase consideration of RM135.0 million would be satisfied via the issuance of 101.25 million ICULS at an issue price of RM1 each to SAM Singapore and the remaining RM33.75 million, subject to adjustment, in cash.
On April 1, SAM Malaysia executive director and chief executive officer Jeffrey Goh said the acquisition was part of its long-term strategy to grow the business and diversify the customer base beyond the current backend business.
The proposed acquisition was part of the corporate exercise after its major shareholder Singapore Precision Engineering Ltd (SPE) intended to retain the listing status of SAM Engineering and it would undertake a proposed rectification plan about its shareholding.
On March 31, SAM Engineering said SPE intended to retain the listing status of SAM Engineering and it would undertake a proposed rectification plan about its shareholding.
It said the company did not meet the requisite majority in number of shareholders voting in favour of the special resolution for the delisting at the EGM.
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