Based on earlier announcement, Insas Berhad has entered into a Supplemental Agreement (SSPA) with SYF on the disposal of M&S Securities for RM222 million.
Under the SSPA terms, the issue price of the Consideration Shares shall be revised from RM0.14 to RM0.22 each and the issue price of the Rights Shares and Restricted Issue Shares shall also be revised from RM0.14 to RM0.22 each, to be in line with the revised issue price of the share consideration.
And that arising from the revised issue price of the consideration shares, the number of SYF Shares to be issued for the Proposed Acquisition and Proposed Restricted Issue will be revised to 1,009,090,909 and up to 157,796,392 Restricted Issue Shares respectively.
The parties said the issue price of RM0.22 per share was arrived at based on market-based principles, taking into account the historical market price of SYF Shares up to 5 October 2021, being the latest trading date prior to the execution of the SSPA and announcement of the Proposals. It also said the issue price of RM0.22 represents the following discount/ premium over the historical VWAMP of SYF Shares, adjusted for the effects of a proposed special dividend and/or capital repayment of RM0.18 per SYF Share: