On behalf of the Board of Directors of SHIB
(“Board”), M&A Securities Sdn Bhd (“M&A
Securities”) wishes to announce that SHIB had on 11 November 2020
entered into a conditional share purchase agreement with Hua Fei Investment Limited
(“Purchaser”) for the proposed disposal of 50,000 ordinary shares in
PIPO Overseas Limited (“PIPO” or “Disposal
Subsidiary”) (a wholly-owned subsidiary of the Company) (“Sale
Shares”) for a total cash consideration of Chinese Renminbi
(“RMB”) 88,000,000 (equivalent to approximately RM54,947,200)
(“Disposal Consideration”) (“Disposal SPA”)
(“Proposed Disposal”).
Further details of the Proposed Disposal are set out in the attached file.
This announcement is dated 11 November 2020.
