Ageson proposes to transfer listing status to Afton Bhd via one-to-one share exchange

• Afton was incorporated in Malaysia last month (March 17) with Muhammad Badrun Al-Muhaimin Baharon and Muhammad Ritzwan Roslan as its directors, each of them owning one share.

KUALA LUMPUR (April 7): Builder-cum-property developer Ageson Bhd has proposed a one-to-one share exchange of its entire issued share capital of up to 565.94 million shares and 254.28 million irredeemable convertible preference shares (ICPS) for new ordinary shares and ICPS in Afton Bhd, as part of an internal reorganisation by way of a members scheme of arrangement.

Ageson also proposed to transfer its listing status on the Main Market to Afton. During the implementation of the proposed share exchange, the board of Afton will be appointed to mirror the board of Ageson, while the current directors of Afton shall resign.

Afton was incorporated in Malaysia last month (March 17) with Muhammad Badrun Al-Muhaimin Baharon and Muhammad Ritzwan Roslan as its directors, each of them owning one share, said Ageson in a stock exchange filing on Friday (April 7).

As at March 31, Ageson’s issued share capital stood at 311.66 million shares; and it has 254.28 million outstanding ICPS that are convertible into new Ageson shares at 95 sen cash, each. Ageson's share price closed at 10 sen on Friday, down half sen or 4.8%, valuing the group at RM31.17 million.

Through the internal reorganisation, Afton will become the investment holding vehicle assuming the listing status of Ageson, whilst Ageson will continue to operate the construction, property development and investment holding businesses.

“The board of Ageson is of the view that the proposed internal reorganisation enables Afton group to achieve ease and flexibility in the expansion of new business segments or streamlining of business segments as and when the opportunities arise,” said Ageson.

“In addition, the management of Afton group may further streamline Afton group to have separate identifiable business streams which better reflects the diverse operations of Afton group in [the] future.

“The separation of the business divisions will also provide greater flexibility for business operations and facilitate an effective management of the different businesses moving forward,” it added.

The series of corporate exercises requires shareholders’ approval.

As at March 31, Ageson’s single-largest shareholder is executive director (ED) Datuk Seri Chin Kok Foong, who had a 15.16% stake, followed by ED Datuk Seri Liew Kok Leong, who owned 9.33% direct interest and an indirect 6.23% via Ukay One Sdn Bhd.