Techna-X Bhd (TXB) has clarified that it remains the legal and beneficial owner of its 50% stake in HK Aerospace Beidou New Energy Technology Co Ltd (HKAB), allowing it to enter into a new share sale agreement with Tess Global Sdn Bhd despite an earlier proposed disposal of the same stake.
The clarification came in response to queries from Bursa Malaysia over TXB’s proposed disposal of 100,000 ordinary shares in HKAB, representing 50% of the company’s issued share capital.
Bursa had sought clarification after TXB’s financial statements for the year ended Dec 31, 2025 showed no effective ownership and voting interest in HKAB, while another note disclosed that the group had entered into a share sale agreement on Dec 30, 2025 to dispose of its entire interest in HKAB.
TXB explained that the dash shown under “effective ownership and voting interest” in its audited financial statements reflected the group’s accounting treatment of HKAB and its subsidiaries and associates.
It did not mean that TXB had ceased to be the legal and beneficial owner of the 50% equity interest, the company said.
According to TXB, it continued to legally and beneficially own the 100,000 HKAB shares because the proposed transfer under the December 2025 share sale agreement was conditional upon completion of that transaction.
As the earlier agreement was never completed, no transfer of the shares took place.
TXB also provided Bursa with a timeline explaining why it subsequently entered into another share sale agreement with Tess Global on Sept 3, 2026.
On Dec 30, 2025, TXB had agreed to dispose of its 50% interest in HKAB for RM45 million to a previous purchaser, subject to the conditions precedent and other terms of the agreement.
However, the purchaser subsequently defaulted on the agreement.
“Accordingly, TXB continued to have full legal title to, and the right and authority to dispose of, the said shares,” the company said in its response.
Bursa also asked whether completing the latest disposal would result in Techna-X becoming a cash company, having an inadequate level of operations or triggering the criteria for classification as a financially distressed company under the Main Market Listing Requirements.
TXB said the proposed transaction would not trigger the cash company criteria under Paragraph 8.03 and Practice Note 16, nor would it result in an inadequate level of operations under Paragraph 8.03A.
The company added that the disposal would also not trigger any of the criteria under Paragraph 8.04 and Practice Note 17 (PN17) of Bursa Malaysia’s Main Market Listing Requirements.
