EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Saturday, September 30, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Sinotop to acquire 51% in TAS for a total of RM13mil

by moneycompass
March 11, 2020
in PLC News
Sinotop
Share on FacebookShare on WhatsApp

KUALA LUMPUR, 9 March 2020 – Sinotop Holdings Bhd has proposed to acquire a 51% stake in Television Airtime Services Sdn Bhd (TAS) for a total of RM13 million, in cash and shares.

In a filing with Bursa Malaysia on March 6, Sinotop said it has inked a Heads of Agreement (HOA) with the stakeholder Sabri Ab Rahman to further negotiate the proposal.

The transaction involves Sinotop acquiring a 30% stake in TAS at a consideration of RM7million comprising of RM5 million via the issuance of 38.46 million new shares in Sinotop at an issue price of 13 sen per Sinotop share, and RM2 million cash.

Further is a proposed subscription by Sinotop and Sabri of 5.99 million and 1.02 million new TAS shares respectively at RM1.00 per TAS Share, for a total subscription amount of RM5.99million and RM1.02million respectively.

Upon completion of the transactions, Sinotop’s shareholding in TAS will be at 51%.

TAS currently own 20% equity interest in Dapat Vista (M) Sdn Bhd (DVSB), developer of MyPay portal (a one-stop e-government service). While the remainder 80% of DVSB is being held by HeiTech Padu Bhd (HTD).

HTD had in December 2019 entered into a sales and purchase agreement with TAS to dispose 60% equity interest in DVSB to TAS for a total consideration of RM13.5 million, together with the settlement of outstanding amount by TAS to HTP amounting to RM4 million. This would increase TAS’ equity stake in DVSB to 80%

The prospect of the business of DVSB and MyPay, involving in the mobile technology segment which the industry is growing and evolving at an overwhelming pace around the world.

The issue price of RM0.13 per Sinotop Share for the Proposed Shares Acquisition represents a premium of approximately 17% to the 5-day volume weighted average market price of Sinotop Shares up to and including 5 March 2020 of RM0.1111.

The HoA is valid for 60 days, or an additional 30 days or more as the parties agree, for a definitive agreement to be inked between them for the proposed transaction.

 

Other news: Cosmos debuts on LEAP Market, opens at 31 sen

Tags: DAPAT VistaSinotop
ShareSendShareSendTweetShare
Previous Post

Absen Expands Fixed Indoor LED Display Portfolio with KL Series

Next Post

Toshiba to Deliver Traction Energy Storage Systems for Dhaka Mass Rapid Transit

Related Posts

Zecon
PLC News

Zecon’s 576.4 million Right Issues of ICPS approved at EGM

22 Jul 2020
CCM Posted a Revenue of RM386.1million
PLC News

CCM Posted a Revenue of RM386.1million

21 Feb 2020
Duopharma Announched gross profit of RM52.19 million
PLC News

Duopharma Announched gross profit of RM52.19 million

17 Feb 2020

Discussion about this post

MOST POPULAR

  • SWAG’s popular creator ladyyuan earns over US$70,000 in one month through her presence on the platform

    0 shares
    Share 0 Tweet 0
  • Reynold Lemkins Shines at “American Davos” with Ambition to Support HK IPO by Long-term Investment

    0 shares
    Share 0 Tweet 0
  • Rimegepant is Now Available in Hong Kong, the First Market in Asia, for Migraine Management

    0 shares
    Share 0 Tweet 0
  • Bionomics Announces Positive Topline Results from the Phase 2b ATTUNE Clinical Trial of BNC210 in Patients with Post-Traumatic Stress Disorder (PTSD)

    0 shares
    Share 0 Tweet 0
  • The Paper THINKPAI Forum WDCC2023: Global Design Interconnection Between Inheritance and Technology

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER