Public statement in relation to the take-over offer by Nexgram Holdings Berhad for Ire-Tex Corporation Berhad
The Securities Commission Malaysia (SC) is issuing this statement in relation to the voluntary take-over offer by Nexgram Holdings Bhd (Nexgram Holdings) for the securities of Ire-Tex Corporation Bhd (Ire-Tex). The said offer was announced on 20 November 2015. The SC had cleared the offer document on 10 December 2015, and the offer document was despatched to the holders of Ire-Tex securities on 11 December 2015.
It has come to the SC’s attention that Nexgram Holdings had entered into agreements to dispose Nexgram Resources Sdn Bhd (Nexgram Resources), Godynamic Investments Limited (Godynamic) and PT Semesta Tirta Antara Raya (Indonesia) (PT Semesta) in January 2016, while Bursa Malaysia was in the process of seeking verification from Nexgram Holdings on the existence of certain assets belonging to these subsidiaries. The disposals were announced by Nexgram Holdings on 11 and 12 January 2016 respectively. These subsidiaries are also subject to an on-going enquiry conducted by the SC in relation to the accuracy of information disclosed in the offer document.
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.
This statement is issued pursuant to section 217(4)(b) of the Capital Markets and Services Act 2007.
SECURITIES COMMISSION MALAYSIA
15 JANUARY 2016