Ire-Tex packaging production floor at its plant in Bukit Tengah Industrial Park
KUALA LUMPUR: The Securities Commission has raised concerns about Nexgram Holdings Bhd
’s voluntary take-over of Ire-Tex Corporation Bhd following on-going probe into the sale of three Nexgram subsidiaries.
The SC had on Friday expressed concern the outcome of the enquiries into Nexgram’s disposal of the subsidiaries could impact the value of the shares -- which Ire-Tex shareholders would receive in exchange for accepting the voluntary offer.
To recap, Nexgram had on Nov 20, 2015 announced the takeover offer and the offer document was cleared by the SC on Dec 10. The next day, the document was despatched to the Ire-Tex shareholders.
However, the SC found out Nexgram Holdings had signed deals to sell Nexgram Resources Sdn Bhd, Godynamic Investments Ltd and PT Semesta Tirta Antara Raya (Indonesia) in January 2016.
Concurrently, Bursa Malaysia was seeking verification from Nexgram Holdings on the existence of certain assets belonging to these subsidiaries.
“The conduct of Nexgram Holdings in disposing the subsidiaries delays and obstructs the on-going enquiries by SC and Bursa Malaysia.
“The outcome of these enquiries may have a material impact on the value of Nexgram Holdings shares which holders of Ire-Tex securities are to receive in exchange for accepting the voluntary offer,” it said.
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