HK-listed CNQC to emerge as major shareholder of Vivocom


PETALING JAYA: Vivocom International Holdings Bhd has clarified that the major shareholders of the company, namely Ang Li-Hann and Golden Oasis Resources Sdn Bhd (vendors), had on Oct 13, signed indicative term sheets with CNQC International Holdings Limited for the proposed sale of up to 317.92 million and 652.35 million shares in Vivocom respectively to CNQC.

“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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Proton sales up 162% YoY in Jan 2023
F&N's net profit for 1Q jumps to RM198.79mil on better beverage sales, exports from Malaysia
SDP’s palm oil imports to United States given the greenlight
Ringgit ends trading week lower
IJM names Lee Chun Fai as group CEO & MD
FBM KLCI claws back to positive territory
Turkey inflation higher than expected at nearly 58%
AirAsia X plans to add more flights to Busan by year-end
Asian shares rise, currencies drop ahead of U.S. jobs data
Petronas set to buy Wirsol Australian renewable energy assets -sources

Others Also Read