Lim Chiau Woe the Managing Director of the Board completed the acquisition of GGTM Sdn. Bhd from VCPlus Limited.
May 18, 2022
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Lim Chiau Woe the Managing Director of the Board acquired GGTM Sdn. Bhd from VCPlus Limited for MYR 2 million on March 14, 2022. Lim Chiau Woe acquiring 2,999,076 ordinary shares in this transaction. Upon completion of the Proposed Disposal (Completion), the Target shall cease to be a subsidiary of the Company and the Group, and will exit from the business of exploration, mining, production and processing of granite dimension stone, marble aggregates and related products for sale as well as interior fit-out. For the period ended December 31, 2021, GGTM reported revenues of MYR 23.9 million and total common equity of MYR 1.882 million.
The Proposed Disposal is subject to the approval of the shareholders, and board of the VCPlus Limited. Transaction is subject to the completion of with in six months of Share purchase agreement. As on April 14, 2022, Extraordinary General Meeting of VCPlus Limited will be held by way of electronic means on April 29, 2022. In this Extraordinary General Meeting, Discussion on granting approval for the sale of 2,999,076 ordinary shares in GGTM Sdn. Bhd and authorized the Directors to do all such acts and things as they may consider necessary or expedient for the purposes of giving effect to the SPA and the Proposed Disposal. As of April 14, 2022, The board of VCplus has approved the transaction. As of April 29, 2022, The shareholders of VCPlus approved the disposal.
Under the Proposed Disposal, it is estimated that the Company will receive net proceeds of approximately MYR 1.552 million taking into account tax expenses, legal fees and other transaction costs of approximately MYR 0.47 incurred in connection with the Proposed Disposal. The Company intends to use the Net Proceeds for general working capital requirements of the Group. Pending the deployment for the uses identified above, the Net Proceeds may be deposited with banks and/or financial institutions or used for any other purpose on a short-term basis, as the Directors may in their absolute discretion deem fit.
Lim Chiau Woe the Managing Director of the Board completed the acquisition of GGTM Sdn. Bhd from VCPlus Limited on May 19, 2022.
VCPlus Limited is a Malaysia-based investment holding company. The Company operates through two segments: FinTech business, and Corporate & others. FinTech business is engaged in provision of advisory, consultancy and/or management services related to financial technology regulation and licensing as well as the adoption of financial technology strategies and technology. Corporate & others segment is engaged in investment holdings, as well as business and management consulting services. The Companyâs subsidiaries include GGTM Sdn. Bhd., APEC Solutions Pte Ltd and Custody Pte Ltd. GGTM Sdn. Bhd. is engaged in exploration, mining and production of dimensional stone granites for sales, as well as architectural stone and interior fit-out. APEC Solutions Pte Ltd is engaged in the provision of information technology (IT) consultancy, services and solutions and other investments. Custody Pte Ltd. is engaged in the provision of custodian services for digital assets.