(Unless otherwise defined, capitalised terms used in
this announcement shall have the same meaning as those given to them in the initial
announcement made on 21 April 2020.)
Reference is made to the Company’s announcement made on 21 April 2020 in relation to the
Proposed AOF And AOF I Settlement.
The Board of Directors of Hua-An wishes to announce that the Company had on 23 July 2020
entered into a Supplemental Letter with AOF and AOF I for the purpose of amending the
settlement terms for the outstanding amount of RM1,575,000.00 and RM525,000.00 owing to
AOF and AOF I respectively under the Settlement Agreements dated 21 April 2020 entered
into between the Company and AOF and AOF I (“Outstanding Sum”). The revision shall be as
follows:
1. A sum of RM2,000,000.00 being part of the Outstanding Sum shall be set-off without
cash by way of issuance of Notes to AOF, being the sole subscriber under the
Subscription Agreement dated 14 June 2019, at a date to be determined by the parties
(“Settlement”);
2. AOF shall act on behalf of AOF I on the Settlement whereupon AOF shall make separate
arrangements with AOF I on the settlement of Outstanding Sum of AOF I;
3. As part of the Settlement, AOF and AOF I shall unconditionally waive the remaining
Outstanding Sum of RM100,000.00; and
4. Upon the Settlement, the Outstanding Sum shall be deemed fully extinguished and the
Company’s obligations under the Settlement Agreements and this Supplemental Letter shall
be deemed fulfilled and neither parties shall have any claims against each other on the
Outstanding Sum.
Save for the above, all the other terms and conditions of the Settlement Agreements
shall remain in full force and effect.
This announcement is dated 23 July 2020.
