TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS HONG SENG CONSOLIDATED BERHAD ("HONG SENG" OR THE "COMPANY") AND ITS SUBSIDIARIES ("HONG SENG GROUP" OR THE "GROUP") - SHARES SALE AGREEMENT
HONG SENG CONSOLIDATED BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description HONG SENG CONSOLIDATED BERHAD ("HONG SENG" OR THE "COMPANY") AND ITS SUBSIDIARIES ("HONG SENG GROUP" OR THE "GROUP")
- SHARES SALE AGREEMENT
We refer to the Company's announcements made on 13 February 2023 and 16 February 2023 (“Announcements”) in relation to the Shares Sale Agreement (“SSA”) for the proposed acquisition of the entire equity interest in Alliance EV Sdn Bhd (“AEV”) by the Company for a total cash purchase consideration of RM20 million (“Proposed Acquisition”). Unless otherwise stated, defined terms used in this announcement shall carry the same meanings as defined in the Announcements.

Details of the announcement are set out in the attachment.

This announcement is dated 13 April 2023.



Please refer attachment below.

Attachments
Hong Seng - Mutual Termination for Acquisition of AEV.pdf
95.8 kB

Announcement Info
Company Name HONG SENG CONSOLIDATED BERHAD
Stock Name HONGSENG
Date Announced 13 Apr 2023
Category General Announcement for PLC
Reference Number GA1-13042023-00025

Many companies come from scammers, the decision is up to you.

OTHERS HONG SENG CONSOLIDATED BERHAD ("HONG SENG" OR THE "COMPANY") AND ITS SUBSIDIARIES - APPROVAL OBTAINED FROM THE MINISTRY OF HEALTH MALAYSIA TO CARRY ON A BUSINESS OF A MANAGED CARE ORGANISATION BY EMEDASIA SDN BHD, A SUBSIDIARY OF THE COMPANY
HONG SENG CONSOLIDATED BERHAD

Type Announcement
Subject OTHERS
Description HONG SENG CONSOLIDATED BERHAD ("HONG SENG" OR THE "COMPANY") AND ITS SUBSIDIARIES
- APPROVAL OBTAINED FROM THE MINISTRY OF HEALTH MALAYSIA TO CARRY ON A BUSINESS OF A MANAGED CARE ORGANISATION BY EMEDASIA SDN BHD, A SUBSIDIARY OF THE COMPANY
The Board of Directors of Hong Seng wishes to announce that eMedAsia Sdn Bhd (“eMedAsia”), a 60% owned subsidiary of the Company has on 10 April 2023 received a letter of approval dated 10 April 2023 from the Ministry of Health Malaysia (“MOH”) in relation to MOH’s approval on eMedAsia’s application to carry on a business of a Managed Care Organisation (“MCO”). MCO is an organisation regulated under the provisions in Part XV of the Private Healthcare Facilities and Services Act 1998 [Act 586].

Details of the announcement are set out in the attachment.

This announcement is dated 10 April 2023.


Please refer attachment below.

Attachments
Hong Seng - Announcement - Managed Care Organisation.pdf
86.9 kB

Announcement Info
Company Name HONG SENG CONSOLIDATED BERHAD
Stock Name HONGSENG
Date Announced 10 Apr 2023
Category General Announcement for PLC
Reference Number GA1-10042023-00130

0163

SHARES SALE AGREEMENT
HONG SENG CONSOLIDATED BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-15022023-00002
Subject SHARES SALE AGREEMENT
Description HONG SENG CONSOLIDATED BERHAD ("HONG SENG" OR THE "COMPANY" OR THE "PURCHASER") AND ITS SUBSIDIARIES ("HONG SENG GROUP" OR THE "GROUP") - SHARES SALE AGREEMENT FOR THE PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST IN ALLIANCE EV SDN BHD
Query Letter Contents
We refer to your Company’s announcement dated 13 February 2023, in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-



1) Section 2



a) It is noted from Hong Seng’s announcement dated 15 June 2022 and page 19 of Annual Report 2022 that the Company intends to set up regional EV batteries manufacturing hub with EoCell on an industrial land to be developed into Malaysia Green Valley (“MGV”) located in Seremban, Negeri Sembilan. Thus, to explain the reason or development that led the Company to choose Tanjung Malim Land as the Project Volt site rather than MGV and status of MGV project.



b) To provide salient terms on scope of collaboration between AEV and BYD.



c) In view that the Company has no prior experience in EV industry, to explain whether BYD or BYD Company Limited’s consent/approval is required for the change in shareholder of AEV.



d) To provide details of development of the Project EV as per Item 4 Part C of Appendix 10A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“LR”), where applicable.



2) Section 2.1



a) To state whether there are other model of vehicle (other than BYD T3 EV) which was approved for assembly from MITI.



b) To spell out the conditions imposed by MITI, if any.



c) To state the duration of approval granted by MITI for the AP.



d) To state whether authority’s approval is required for the change in AEV’s shareholders or holding company in relation to the Manufacturing License and AP that were obtained. If yes, to state the estimated time frame for submission of such application to the authority.



e) To specify the date where independent valuation is expected to be carried out on Tanjung Malim Land and PJ Land.



3) Section 2.3.2



To illustrate how the Purchase Consideration will be adjusted once the due diligence exercise is completed.



4) Section 9



a) To state the specific provision under Paragraph 10.08 of the LR that Mr Ng Keok Chai is not deemed to be interested in the Proposed Acquisition.



b) To confirm that the common director has no other interest such as commission or other kinds of benefit received from Hong Seng and CSH Alliance Berhad (“CSH”) or any of their subsidiaries in relation to the Proposed Acquisition.


5) Other



It is noted from CSH’s announcement on even date that, …AEV’s business would require extensive resources such as high capital investment and substantial working capital to set-up the local assembly plant, employment of highly-skilled manpower, procurement of advance technologies and machineries and aggressive marketing initiatives to create brand awareness and promote adoption of EVs in the market with long gestational period before the Group (CSH and its subsidiaries) is able to crystalise the potential earnings thereon.



In this regard, to quantify the estimated total capital and investment outlay that is expected to be incurred by the Company on the above after the Proposed Acquisition. To also state the source of funding for the estimated total capital and investment outlay required.



Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.



Yours faithfully,

Listing

Regulation


Cc : Market Surveillance Dept. , Securities Commission

Please refer to the attachment for the full text of the Company's reply to Bursa Malaysia Securities Berhad.

This announcement is dated 16 February 2023.

Please refer attachment below.

Attachments
Hong Seng - Reply to Query (SSA-AEV).pdf
283.0 kB

Announcement Info
Company Name HONG SENG CONSOLIDATED BERHAD
Stock Name HONGSENG
Date Announced 16 Feb 2023
Category General Announcement for PLC
Reference Number GA1-16022023-00025

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0025 YBS

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Electric Vehicle Industry

在建立电动汽车分销和组装业务后，CSH Alliance 以 2000 万令吉的价格将其单位出售给手套制造商 Hong Seng

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===============
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