The scheme will also place the real estate development business of the group under private ownership to be fully held by CLA through the proposed privatisation of CapitaLand on completion of the scheme.
“We are pleased to announce that we have officially moved to the Mainboard after trading on the Catalist Board for the last 3.5 years.”
Trading of the company’s shares will commence at 9am on the same day.
The land measures about 6,740.76 sqm (or 72,557 sqft) and was purchased to support the expansion of the group’s operations, as well as the expansion of of production capacity for cleanroom gloves.
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Under the agreement, LOGOS will subscribe for 3.75 million shares in GVL at an issue price of RM79.11 per subscription share, which is equivalent to 60% of the issued and paid-up capital of GVL following the subscription.
Ong told Parliament on Jan 4 that the proposal to do so was a “fundamental departure” from the original agreement.
The group says the profit came due to operating revenue generated during the quarter, despite the negative impact of the Covid-19 pandemic
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