INTRODUCTION
On behalf of the Board of Directors of SHIB (“
Board” ), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that
the Company is proposing to undertake the following:
(i) proposed settlement of an aggregate amount of RM3.5 million debt owing to creditors
(“Creditors Settlement Amount”), namely, Chan Kok San
(“CKS”), Jaleeludeen Bin Abu Baker (“JAB”) and Ong
Sing Eng (“OSE”) (collectively referred to as
“Creditors” or each a “Creditor”) by the Company
and/or its subsidiary, via the issuance of 55,643,880 new ordinary shares in SHIB
(“SHIB Share(s)” or “Share(s)”) (“Creditors
Settlement Share(s)”), representing approximately 4.96% of the total number
of issued Shares (excluding treasury shares, if any) (“Proposed Creditors Debt
Settlement”);
(ii) proposed settlement of an aggregate RM2.1 million amount owing to Advance
Opportunities Fund (“AOF”) and Advance Opportunities Fund I
(“AOF I”) by the Company, via the issuance of up to 33,386,328 new
ordinary shares in SHIB, representing approximately 2.97% of the total number of issued
Shares (excluding treasury shares, if any) (“Proposed AOF And AOF I
Settlement”); and
((i) and (ii) collectively referred to as the “Proposed Debt
Settlement” )
(iii) proposed private placement of up to 135,431,300 new Shares (“Placement
Share(s) ”), representing approximately 12.07% of the Company’s total
number of issued Shares (excluding treasury shares, if any) (“Proposed Private
Placement ”).
((i), (ii) and (iii) collectively referred to as the “Proposals” )
Kindly refer to the attachment for further information.