“The term sheets are subject to the signing of the final share swap agreements between the vendors and CQNC. The final agreements would be signed at a later date subject to the terms and conditions to be negotiated and agreed upon,” Vivocom told Bursa Malayisa in response to a StarBiz report.
Vivocom closed unchanged Friday at 14.5 sen on volume of 32.36 million shares.
Following this, CNQC will emerge as the largest shareholder in Vivocom with up to 970.27 million Vivocom shares, or approximately 29.15% of Vivocom.
CNQC is currently listed on the Main Board of the Stock Exchange of Hong Kong Limited, with a market capitalisation of approximately HKD4.02bil (RM2.18bil). CNQC is a contractor in the Hong Kong foundation industry and is principally engaged in the foundation business and machinery leasing business in Hong Kong and Macau.
Since 1999, CNQC has established and built a solid reputation in Singapore for being a proven property developer and contractor primarily engaged in the development and sale of condominiums in the Outside Central Region of Singapore, with three subsidiaries entitled with the highest classification of “A1” grading registration under the Singapore Building and Construction Authority.
CNQC, in turn, is part of the Qingjian Group based in Qingdao, China.
“The Qingjian Group is one of the first batch of premium quality construction enterprises of the Ministry of Construction in China. The Qingjian Group is accredited as one of China’s Top 500 Enterprises and ENR Top 250 International Contractors.