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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.
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.
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.
Hong Seng - Reply to Query (SSA-AEV).pdf
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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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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Stock: [HONGSENG]: HONG SENG CONSOLIDATED BERHAD
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