Beshom to assume listing status of Hai-O

In a filing with Bursa Malaysia yesterday, Hai-O said it is proposing a share exchange of up to 300.30 million ordinary shares (or its entire issued share capital) on the basis of one Beshom share for every one existing Hai-O share.

PETALING JAYA: Hai-O Enterprise Bhd is proposing an internal reorganisation exercise that will see Beshom Holdings Bhd assuming its listing status and becoming the investment holding vehicle for Hai-O.

In a filing with Bursa Malaysia yesterday, Hai-O said it is proposing a share exchange of up to 300.30 million ordinary shares (or its entire issued share capital) on the basis of one Beshom share for every one existing Hai-O share.

“Through the proposed internal reorganisation, the investment holding function and the operating business will be separated, wherein Beshom will become the investment holding vehicle assuming the listing status of Hai-O, whilst Hai-O will continue to operate the wholesaling and retailing of herbal medicines, healthcare products, wellness and beauty products.”

Hai-O added that its board was of the view that the proposed internal reorganisation will enable the Beshom group to achieve ease and flexibility in the expansion of new business segments or streamlining of business segments, as and when the opportunities arise.

“In addition, after the completion of the proposed internal reorganisation, the management of Beshom intends to further streamline the Beshom group to have separate identifiable business streams that better reflects the diverse operations of the group.”

Beshom has an issued share capital of RM2, comprising two Beshom shares.

The company is currently dormant but is principally intended for investment holding activities.

Its shareholders are Tong Set Wah and Chew Mei Ling, who each hold one share each in the company.

“During the implementation of the proposed share exchange, Beshom’s board will be appointed to mirror the board whilst the current directors of Beshom resign, ” said Hai-O.

Separately, Hai-O is also proposing to terminate its existing employees’ share option scheme (Esos) of the company and has proposed to establish a new one, comprising up to 15% of the issued share capital of Beshom.

“The proposed new Esos will be established after the proposed termination of the existing Esos takes effect and after taking into consideration the implementation of the proposed internal reorganisation.

“For the purpose of this announcement, the company has assumed that the proposed new Esos will be implemented after the completion of the proposed internal reorganisation.”

Hai-O added that the issuance of the new Esos options, pursuant to the proposed new Esos, will not raise any proceeds.