TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ECONFRAME BERHAD ("ECONFRAME" OR THE "COMPANY") PROPOSED ACQUISITION OF 7,081,321 ORDINARY SHARES IN IVORY PEARL SDN. BHD. ("IPSB"), REPRESENTING THE ENTIRE EQUITY INTEREST OF IPSB, FOR A TOTAL PURCHASE CONSIDERATION OF RM56,000,000, TO BE SATISFIED VIA CASH CONSIDERATION OF RM46,672,545 AND THE REMAINING RM9,327,455 TO BE SETTLED VIA THE ISSUANCE AND ALLOTMENT OF 16,500,000 NEW ORDINARY SHARES IN ECONFRAME ("CONSIDERATION SHARES") AT AN ISSUE PRICE OF RM0.5653 EACH ("PROPOSED ACQUISITION")
| ECONFRAME BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | ECONFRAME BERHAD ("ECONFRAME" OR THE "COMPANY")
PROPOSED ACQUISITION OF 7,081,321 ORDINARY SHARES IN IVORY PEARL SDN. BHD. ("IPSB"), REPRESENTING THE ENTIRE EQUITY INTEREST OF IPSB, FOR A TOTAL PURCHASE CONSIDERATION OF RM56,000,000, TO BE SATISFIED VIA CASH CONSIDERATION OF RM46,672,545 AND THE REMAINING RM9,327,455 TO BE SETTLED VIA THE ISSUANCE AND ALLOTMENT OF 16,500,000 NEW ORDINARY SHARES IN ECONFRAME ("CONSIDERATION SHARES") AT AN ISSUE PRICE OF RM0.5653 EACH ("PROPOSED ACQUISITION") |
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Reference is made to the Company’s earlier announcements dated 23 January 2025, 6 February 2025, 11 March 2025, 26 March 2025, 28 March 2025, 9 June 2025 in relation to the Proposed Acquisition, the circular to shareholders dated 2 April 2025 in relation to the Proposed Acquisition (“Circular”) and the announcement dated 30 April 2025 in relation to the outcome of the extraordinary general meeting for the Proposed Acquisition. Unless stated otherwise, abbreviations and definitions used throughout this Announcement shall bear the same meaning as those defined in the Circular.
On behalf of the Board, Malacca Securities wishes to announce that the Proposed Acquisition has been completed on 8 July 2025 in accordance to the terms and conditions of the SSA following the:
(i) issuance and allotment of 16,500,000 Consideration Shares to the Vendors on 27 June 2025. For information, the Consideration Shares had been listed on ACE Market of Bursa Securities on 30 June 2025;
(ii) settlement of the Completion Sum of RM31,072,545 by Econframe to the Vendors on 30 June 2025; and
(iii) provision of the Bank Guarantee by Econframe to the Vendors on 8 July 2025.
Accordingly, IPSB is now a wholly-owned subsidiary of Econframe.
This announcement is dated 8 July 2025. |
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Announcement Info
| Company Name | ECONFRAME BERHAD |
| Stock Name | EFRAME |
| Date Announced | 08 Jul 2025 |
| Category | General Announcement for PLC |
| Reference Number | GA1-04072025-00026 |