Systech Berhad has received shareholders approval for the issuance of up to 144.0 million new ordinary shares to exercise its transformation with some key acquisitions.
Part of the funds will be used to acquire the entire equity interest of Wilstech Sdn. Bhd. for a total purchase consideration of RM75 million, to be satisfied via cash consideration of RM20 million and the remaining RM55 million via issuance of 152.8 million Systech Shares at an issue price of RM0.36 per share.
It has also proposed a bonus issue of up to 160.7 million new warrants in Systech on the basis of 1 warrant for every 4 existing Systech Shares held by entitled shareholders on an entitlement date to be determined and announced later.
Including the proposed establishment of an employees’ share scheme of up to 15% of the total number of issued shares (excluding treasury shares) at any point in time during the tenure of the scheme for eligible directors and employees of Systech and its subsidiaries.
The Proposals, are expected to be completed by first half of 2024, barring any unforeseen circumstances and subject to all relevant approvals obtained.
