Tomorrow to Rm0.095 to 0.100

7221

7221WB 100%

Wait for a drop of 0.01

Every trading day down 0.005

gold

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

It's school holidays, let's go on a trip

follow the times

Timing, turning point, opportunity.

Glove stocks rose across the board today.

0041It's down. It's down.

There is no way to raise tickets, only to collect more tickets.

come on, come on, come on

Gogogo

0025 YBS

0041WB collect or more

Someone loses a ticket, and everyone collects it.

Gloves are also made, and electric vehicles are also made.

This is good diversification

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

https://www.theedgemarkets.com/node/655030

================ =
对谁有利或不利？


===============
继续关注
季度业绩
董事对公司资金使用的计划
董事计划通过发行股票筹集更多资金

============== ==
TAYOR，设定现实的目标

There is no new progress, only waiting for new performance.

0041 0.210 to 0.215 controlled in 0041 WB controlled in 0.01 to 0.015

https://www.klsescreener.com/v2/news/view/1110277

0.780

0232

Unable to continue to rise 0041 Hong Seng

limit rise ticket

https://www.klsescreener.com/v2/news/view/1109779

https://www.klsescreener.com/v2/news/view/1109779

Rm1.00

0.975gogogo

+Rm0.240 VIS

VIS 0120

There is no news about the electric car

space or limited edition

unimaginable what happened

0041

Have cash, waiting to buy.

So wait for him to fall.

cash cash cash

Today is Friday, there are a lot of short sellers, let's collect it

If you want to quarrel, let them fry it

collect collect

Gogogo

WB0.015 wait for the next message

wait for the next message

https://www.facebook.com/groups/726842394052430/permalink/8698034173599839/?mibextid=Nif5oz