Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment")

Company Name MQ TECHNOLOGY BERHAD
Stock Name MQTECH
Date Announced 24 Jun 2022
Category General Announcement for PLC
Reference Number GA1-24062022-00084

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-23062022-00002
Subject Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment")
Description
MQ TECHNOLOGY BERHAD ("MQ Tech" or "the Company")
-Redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited ("Capricorn") to subscribe 4,000 redeemable preference shares ("RPS") in Capricorn at the total consideration of USD 200,000 ("Subscription Consideration") ("Redeemable Preference Shares Subscription Agreement")("Investment")
Query Letter Contents

We refer to your Company’s announcement dated 20 June 2022 in respect of the aforesaid matter.

 

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

  1. The sources of funding for the Subscription Consideration and the breakdown thereof.
  2. Principal business of Capricorn.
  3. Redemption rate of the RPS.
  4. The percentage ratio of the Investment.

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 (via email)

Reference is made to the Company's announcement dated 20 June 2022 in respect of redeemable preference shares subscription agreement with Capricorn Capital Ventures Limited.


MQ Tech wishes to furnish the additional information as required by Bursa Securities in its letter dated 23 June 2022.

 

1. The sources of funding for the Subscription Consideration and the breakdown thereof.

 - At the time of signing the Agreement, there is no consideration to be paid for subscription of redeemable preference share. In the Agreement, no payment is due and if payment is to be made, it must be mutually agreed upon. The source of funding, if any will be internally generated fund.

 

2. Principal business of Capricorn.

 - Principal business of Capricorn is Blockchain Technology Development.

 

3. Redemption rate of the RPS.

-  Redemption rate is 8% pa and the period of Agreement is three (3) years from Agreement date.

 

4. The percentage ratio of the Investment.

-  The highest percentage ratio is 1.2%.

 

This announcement is dated 24 June 2022.
 





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