EATech gets shareholders approval for white knight and regularisation plan

PETALING JAYA: Marine transportation and offshore storage firm EA Technique (M) Bhd (EATech) has received shareholders’ approval for its proposed regularisation plan at its EGM on Monday.

In a statement, EATech said the approval marks a pivotal step in the company’s efforts to regularise its financial status after being classified as a Practise Note 17 (PN17) company for over two years.

EATech said the regularisation plan involves the proposed issuance of up to 795,75 million new ordinary shares and the exemption for Datuk Mubarak Hussain Akhtar Husin and Voultier Sdn Bhd (VSB) from the obligation to undertake a mandatory take-over offer.

“The proposed shares issuance will raise RM79.6mil for the company, representing approximately 60% of the enlarged share capital.

Following this corporate exercise, VSB will emerge as the largest shareholder with a 51% stake in EATech. VSB is owned 70% by Mubarak and 30% by Datuk Lai Keng Onn, who is managing director of Kinenergy Advancement Bhd.

EATech slipped into PN17 status in February 2022, after its shareholders’ equity of RM5.96mil as at end-December 2021 was less than 50% of its share capital of RM179.76mil, which prompted the company to submit a regularisation plan.