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Muar Ban Lee sells unit holding stake in Symphony Life to XOX
July 12, 2022 20:55 pm +0

https://www.theedgemarkets.com/article/muar-ban-lee-sells-unit-holding-stake-symphony-life-xox

KUALA LUMPUR (July 12): Muar Ban Lee Group Bhd (MBL) is exiting its investment in property firm Symphony Life Bhd, whose share price has fallen 46% since MBL bought into it.
MBL, a specialist in palm oil machinery and oil seed crushing machinery, announced that it is selling its wholly-owned unit, Theron Holdings Sdn Bhd, that owns a 13.7% stake in Symphony Life to XOX Bhd for RM19.25 million cash.
Based on Tuesday's closing share price of 45 sen, the 13.7% stake is worth RM44.14 million. According to MBL's filing with Bursa Malaysia, XOX is obliged to provide "evidence that all outstanding debts owed by Theron to MBL as at the completion date [of the acquisition] have been paid and settled". The outstanding debt amounted to RM46.32 million — advances that MBL has given to Theron for the purchase of Symphony Life shares.

Theron also borrowed RM47.55 million from RHB Bank Bhd to invest in Symphony Life shares via a term loan.
Theron is a special purpose vehicle incorporated for the purpose of acquiring and holding shares in Symphony Life. It accumulated 98.09 million Symphony Life shares from April 2 last year to March 9 this year at a total cost of RM90.26 million, said MBL.
Theron bought a large bulk of its stake in Symphony Life from the company's former executive chairman Tan Sri Mohamed Azman Yahya, who founded the property firm.
MBL noted that the transaction, which it expects to be completed in the third quarter of this year, would result in RM48.89 million disposal gain.
The disposal gain includes the effects from deconsolidation of Theron's net liabilities amounting to RM37.59 million, as well as share of results from Symphony Life for financial years 2021 and 2022.
The proposed disposal allows MBL to deconsolidate a term loan from RHB Bank amounting to RM47.55 million as at end-June, while also recoup advances MBL provided to Theron amounting to RM46.32 million, the group said.
MBL would utilise RM19.25 million proceeds from the disposal mainly for working capital.
In a separate filing, XOX said the acquisition, which will be funded by its internally generated funds, is "synergistic" due to prospects of the property market's recovery this year and potential upside to Symphony Life's share price.
Shares of MBL closed unchanged at 35.5 sen, giving it a market capitalisation of RM88.26 million, while XOX fell 0.5 sen or 25% to 1.5 sen, valuing the company at RM75.76 million.
Symphony Life, meanwhile, closed 0.5 sen or 1.12% higher at 45 sen, with a market capitalisation of RM322.4 million.
S Kanagaraju & Kathy Fong

Muar Ban Lee sells unit holding stake in Symphony Life to XOX
July 12, 2022 20:55 pm +0

https://www.theedgemarkets.com/article/muar-ban-lee-sells-unit-holding-stake-symphony-life-xox

KUALA LUMPUR (July 12): Muar Ban Lee Group Bhd (MBL) is exiting its investment in property firm Symphony Life Bhd, whose share price has fallen 46% since MBL bought into it.
MBL, a specialist in palm oil machinery and oil seed crushing machinery, announced that it is selling its wholly-owned unit, Theron Holdings Sdn Bhd, that owns a 13.7% stake in Symphony Life to XOX Bhd for RM19.25 million cash.
Based on Tuesday's closing share price of 45 sen, the 13.7% stake is worth RM44.14 million. According to MBL's filing with Bursa Malaysia, XOX is obliged to provide "evidence that all outstanding debts owed by Theron to MBL as at the completion date [of the acquisition] have been paid and settled". The outstanding debt amounted to RM46.32 million — advances that MBL has given to Theron for the purchase of Symphony Life shares.

Theron also borrowed RM47.55 million from RHB Bank Bhd to invest in Symphony Life shares via a term loan.
Theron is a special purpose vehicle incorporated for the purpose of acquiring and holding shares in Symphony Life. It accumulated 98.09 million Symphony Life shares from April 2 last year to March 9 this year at a total cost of RM90.26 million, said MBL.
Theron bought a large bulk of its stake in Symphony Life from the company's former executive chairman Tan Sri Mohamed Azman Yahya, who founded the property firm.
MBL noted that the transaction, which it expects to be completed in the third quarter of this year, would result in RM48.89 million disposal gain.
The disposal gain includes the effects from deconsolidation of Theron's net liabilities amounting to RM37.59 million, as well as share of results from Symphony Life for financial years 2021 and 2022.
The proposed disposal allows MBL to deconsolidate a term loan from RHB Bank amounting to RM47.55 million as at end-June, while also recoup advances MBL provided to Theron amounting to RM46.32 million, the group said.
MBL would utilise RM19.25 million proceeds from the disposal mainly for working capital.
In a separate filing, XOX said the acquisition, which will be funded by its internally generated funds, is "synergistic" due to prospects of the property market's recovery this year and potential upside to Symphony Life's share price.
Shares of MBL closed unchanged at 35.5 sen, giving it a market capitalisation of RM88.26 million, while XOX fell 0.5 sen or 25% to 1.5 sen, valuing the company at RM75.76 million.
Symphony Life, meanwhile, closed 0.5 sen or 1.12% higher at 45 sen, with a market capitalisation of RM322.4 million.
S Kanagaraju & Kathy Fong

Muar Ban Lee sells unit holding stake in Symphony Life to XOX
July 12, 2022 20:55 pm +0

https://www.theedgemarkets.com/article/muar-ban-lee-sells-unit-holding-stake-symphony-life-xox

KUALA LUMPUR (July 12): Muar Ban Lee Group Bhd (MBL) is exiting its investment in property firm Symphony Life Bhd, whose share price has fallen 46% since MBL bought into it.
MBL, a specialist in palm oil machinery and oil seed crushing machinery, announced that it is selling its wholly-owned unit, Theron Holdings Sdn Bhd, that owns a 13.7% stake in Symphony Life to XOX Bhd for RM19.25 million cash.
Based on Tuesday's closing share price of 45 sen, the 13.7% stake is worth RM44.14 million. According to MBL's filing with Bursa Malaysia, XOX is obliged to provide "evidence that all outstanding debts owed by Theron to MBL as at the completion date [of the acquisition] have been paid and settled". The outstanding debt amounted to RM46.32 million — advances that MBL has given to Theron for the purchase of Symphony Life shares.

Theron also borrowed RM47.55 million from RHB Bank Bhd to invest in Symphony Life shares via a term loan.
Theron is a special purpose vehicle incorporated for the purpose of acquiring and holding shares in Symphony Life. It accumulated 98.09 million Symphony Life shares from April 2 last year to March 9 this year at a total cost of RM90.26 million, said MBL.
Theron bought a large bulk of its stake in Symphony Life from the company's former executive chairman Tan Sri Mohamed Azman Yahya, who founded the property firm.
MBL noted that the transaction, which it expects to be completed in the third quarter of this year, would result in RM48.89 million disposal gain.
The disposal gain includes the effects from deconsolidation of Theron's net liabilities amounting to RM37.59 million, as well as share of results from Symphony Life for financial years 2021 and 2022.
The proposed disposal allows MBL to deconsolidate a term loan from RHB Bank amounting to RM47.55 million as at end-June, while also recoup advances MBL provided to Theron amounting to RM46.32 million, the group said.
MBL would utilise RM19.25 million proceeds from the disposal mainly for working capital.
In a separate filing, XOX said the acquisition, which will be funded by its internally generated funds, is "synergistic" due to prospects of the property market's recovery this year and potential upside to Symphony Life's share price.
Shares of MBL closed unchanged at 35.5 sen, giving it a market capitalisation of RM88.26 million, while XOX fell 0.5 sen or 25% to 1.5 sen, valuing the company at RM75.76 million.
Symphony Life, meanwhile, closed 0.5 sen or 1.12% higher at 45 sen, with a market capitalisation of RM322.4 million.
S Kanagaraju & Kathy Fong

XOX's unit to acquire Theron for RM19.25mil
Tuesday, 12 Jul 2022 6:29 PM MY

https://www.thestar.com.my/business/business-news/2022/07/12/xox039s-unit-to-acquire-theron-for-rm1925mil

KUALA LUMPUR: XOX Bhd
has proposed to acquire two ordinary shares in Theron Holdings Sdn Bhd, representing 100% of the total issued and paid-up share capital of Theron for RM19.25mil.
In a filing with Bursa Malaysia, XOX said its wholly-owned subsidiary, XOX (Hong Kong) Limited (XOX HK) had entered into a share sale agreement with Muar Ban Lee Group Bhd
for the proposed acquisition.

Theron is a special purpose vehicle incorporated by Muar Ban Lee for the purpose of acquiring and holding the shares in Symphony Life Bhd
As of the date of this announcement, Theron is holding 98.09 million shares in Symphony, representing 13.7% of the total issued and paid-up share capital of Symphony.

Symphony is principally engaged in the business of property development and property investment.
XOX said its board has deliberated the opportunity and found the proposed acquisition to be synergistic.
“In an effort to streamline XOX’s capital management, the management has deliberated various strategies which include shares buy back and placement of excess cash in high yielding funds.

“The proposed acquisition is part of XOX’s strategy to maximise return on its excess fund, which will ultimately benefit its shareholders,” it said.
In addition, XOX said Symphony is currently trading at the lower end of its range of intrinsic value. Hence there is a potential of immediate capital appreciation for the proposed acquisition in the event of any correction to Symphony’s current depressed share price.

XOX's unit to acquire Theron for RM19.25mil
Tuesday, 12 Jul 2022 6:29 PM MY

https://www.thestar.com.my/business/business-news/2022/07/12/xox039s-unit-to-acquire-theron-for-rm1925mil

KUALA LUMPUR: XOX Bhd
has proposed to acquire two ordinary shares in Theron Holdings Sdn Bhd, representing 100% of the total issued and paid-up share capital of Theron for RM19.25mil.
In a filing with Bursa Malaysia, XOX said its wholly-owned subsidiary, XOX (Hong Kong) Limited (XOX HK) had entered into a share sale agreement with Muar Ban Lee Group Bhd
for the proposed acquisition.

Theron is a special purpose vehicle incorporated by Muar Ban Lee for the purpose of acquiring and holding the shares in Symphony Life Bhd
As of the date of this announcement, Theron is holding 98.09 million shares in Symphony, representing 13.7% of the total issued and paid-up share capital of Symphony.

Symphony is principally engaged in the business of property development and property investment.
XOX said its board has deliberated the opportunity and found the proposed acquisition to be synergistic.
“In an effort to streamline XOX’s capital management, the management has deliberated various strategies which include shares buy back and placement of excess cash in high yielding funds.

“The proposed acquisition is part of XOX’s strategy to maximise return on its excess fund, which will ultimately benefit its shareholders,” it said.
In addition, XOX said Symphony is currently trading at the lower end of its range of intrinsic value. Hence there is a potential of immediate capital appreciation for the proposed acquisition in the event of any correction to Symphony’s current depressed share price.

PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN BHD ("THERON") BY XOX (HONG KONG) LIMITED ("XOX HK"), A WHOLLY-OWNED SUBSIDIARY OF XOX BHD ("PROPOSED ACQUISITION")
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3276337

Query Letter Contents:

We refer to your Company’s announcement dated 12 July 2022, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) To state the source(s) of funding of XOX HK and/or XOX Bhd, and the breakdown thereof, for redemption of the RHB Facility of RM49,416,000.68 and repayment of Theron’s outstanding debts of RM44,318,000.00. To also reconcile with the disclosure in Section 6 of the announcement dated 12 July 2022.
2) The justification for the purchase consideration of RM19,254,590.
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

Date Announced: 15 JUL 2022

PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN BHD ("THERON") BY XOX (HONG KONG) LIMITED ("XOX HK"), A WHOLLY-OWNED SUBSIDIARY OF XOX BHD ("PROPOSED ACQUISITION")
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3276337

Query Letter Contents:

We refer to your Company’s announcement dated 12 July 2022, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) To state the source(s) of funding of XOX HK and/or XOX Bhd, and the breakdown thereof, for redemption of the RHB Facility of RM49,416,000.68 and repayment of Theron’s outstanding debts of RM44,318,000.00. To also reconcile with the disclosure in Section 6 of the announcement dated 12 July 2022.
2) The justification for the purchase consideration of RM19,254,590.
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

Date Announced: 15 JUL 2022

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS XOX BHD - PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN. BHD.
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3275268

The Board of Directors of XOX Bhd (“XOX” or “the Company”) wishes to announce that XOX (Hong Kong) Limited, (“XOX HK” or “the Purchaser”), a wholly-owned subsidiary of the Company, had on 12 July 2022 entered into a Share Sale Agreement (“SSA/the Agreement”) with Muar Ban Lee Group Berhad (“the Seller”) for the proposed acquisition of 2 ordinary shares (“Sale Shares”) in Theron Holdings Sdn. Bhd. (“Theron”), representing 100% of the total issued and paid up share capital of Theron, for a total a total purchase consideration of RM19,254,590.00 only (“Purchase Consideration”) (“Proposed Acquisition”). 
 
Further details of the Proposed Acquisition are set out in the attachment herein.
 
This announcement is dated 12 July 2022.

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS XOX BHD - PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN. BHD.
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3275268

The Board of Directors of XOX Bhd (“XOX” or “the Company”) wishes to announce that XOX (Hong Kong) Limited, (“XOX HK” or “the Purchaser”), a wholly-owned subsidiary of the Company, had on 12 July 2022 entered into a Share Sale Agreement (“SSA/the Agreement”) with Muar Ban Lee Group Berhad (“the Seller”) for the proposed acquisition of 2 ordinary shares (“Sale Shares”) in Theron Holdings Sdn. Bhd. (“Theron”), representing 100% of the total issued and paid up share capital of Theron, for a total a total purchase consideration of RM19,254,590.00 only (“Purchase Consideration”) (“Proposed Acquisition”). 
 
Further details of the Proposed Acquisition are set out in the attachment herein.
 
This announcement is dated 12 July 2022.

XOX's unit to acquire Theron for RM19.25mil
Tuesday, 12 Jul 2022 6:29 PM MY

https://www.thestar.com.my/business/business-news/2022/07/12/xox039s-unit-to-acquire-theron-for-rm1925mil

KUALA LUMPUR: XOX Bhd
has proposed to acquire two ordinary shares in Theron Holdings Sdn Bhd, representing 100% of the total issued and paid-up share capital of Theron for RM19.25mil.
In a filing with Bursa Malaysia, XOX said its wholly-owned subsidiary, XOX (Hong Kong) Limited (XOX HK) had entered into a share sale agreement with Muar Ban Lee Group Bhd
for the proposed acquisition.

Theron is a special purpose vehicle incorporated by Muar Ban Lee for the purpose of acquiring and holding the shares in Symphony Life Bhd
As of the date of this announcement, Theron is holding 98.09 million shares in Symphony, representing 13.7% of the total issued and paid-up share capital of Symphony.

Symphony is principally engaged in the business of property development and property investment.
XOX said its board has deliberated the opportunity and found the proposed acquisition to be synergistic.
“In an effort to streamline XOX’s capital management, the management has deliberated various strategies which include shares buy back and placement of excess cash in high yielding funds.

“The proposed acquisition is part of XOX’s strategy to maximise return on its excess fund, which will ultimately benefit its shareholders,” it said.
In addition, XOX said Symphony is currently trading at the lower end of its range of intrinsic value. Hence there is a potential of immediate capital appreciation for the proposed acquisition in the event of any correction to Symphony’s current depressed share price.

PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN BHD ("THERON") BY XOX (HONG KONG) LIMITED ("XOX HK"), A WHOLLY-OWNED SUBSIDIARY OF XOX BHD ("PROPOSED ACQUISITION")
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3276337

Query Letter Contents:

We refer to your Company’s announcement dated 12 July 2022, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) To state the source(s) of funding of XOX HK and/or XOX Bhd, and the breakdown thereof, for redemption of the RHB Facility of RM49,416,000.68 and repayment of Theron’s outstanding debts of RM44,318,000.00. To also reconcile with the disclosure in Section 6 of the announcement dated 12 July 2022.
2) The justification for the purchase consideration of RM19,254,590.
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

Date Announced: 15 JUL 2022

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS XOX BHD - PROPOSED ACQUISITION OF SHARES IN THERON HOLDINGS SDN. BHD.
XOX BHD

https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3275268

The Board of Directors of XOX Bhd (“XOX” or “the Company”) wishes to announce that XOX (Hong Kong) Limited, (“XOX HK” or “the Purchaser”), a wholly-owned subsidiary of the Company, had on 12 July 2022 entered into a Share Sale Agreement (“SSA/the Agreement”) with Muar Ban Lee Group Berhad (“the Seller”) for the proposed acquisition of 2 ordinary shares (“Sale Shares”) in Theron Holdings Sdn. Bhd. (“Theron”), representing 100% of the total issued and paid up share capital of Theron, for a total a total purchase consideration of RM19,254,590.00 only (“Purchase Consideration”) (“Proposed Acquisition”). 
 
Further details of the Proposed Acquisition are set out in the attachment herein.
 
This announcement is dated 12 July 2022.

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Sailang all my belongings till underwear to buy in Yongtai at @0.06

Heng ah, Ong ah, Huat ah !

Oh my goodness,
Such a low price of @0.325 also able to grabbed it !

Heng ah, Ong ah, Huat ah !

Top up more Armada at @0.325

Heng ah, Ong ah, Huat ah !

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Can’t imagine can get Hibiscs at such a low price of @0.795

Heng ah, Ong ah, Huat ah !

Can’t imagine can get Armada at such a low price of @0.335

Heng ah, Ong ah, Huat ah !

Top up more Hibiscs at @0.795

Heng ah, Ong ah, Huat ah !

Top up more Armada at @0.335

Heng ah, Ong ah, Huat ah !

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Sure ok lar, buyers wanted to buy is more than 10 million shares and the seller willing to sell is just only 805 thousands shares !

Heng ah, Ong ah, Huat ah !

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Sailang all my belongings till underwear to bought in Hibiscs at @0.875

Heng ah, Ong ah, Huat ah !

Top up more Armada @0.35

Heng ah, Ong ah, Huat ah !

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