SMTrack to acquire Wellspring Worldwide for RM310m

 Publish date: Thu, 15 Jun 2017, 03:18 AM

KUALA LUMPUR: SMTrack Bhd has proposed to acquire up to 100 per cent of Wellspring Worldwide Ltd for RM310 million.

In a filing to Bursa Malaysia, the company said it had also proposed a renounceable rights issue of up to 169.04 million new shares on the basis of three rights shares for every two existing shares held, together with up to 112.69 million free detachables warrants on the basis of two warrants for every rights share subscribed.

It has also proposed a private placement of up to 10 per cent of the company's total number of issued shares after the proposed rights issues of shares with warrants and proposed acquisition.

"The proposed acquisition would entail a mandatory general offer by the promoters and persons acting in concert with them (if any) to acquire all the remaining SMTrack shares and convertible securities in SMTrack not already owned by the promoters following the proposed acquisition," it said. -- BERNAMA

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