KUALA LUMPUR: Vivocom International Holdings Bhd (Vivocom) today announced that its major shareholders have signed term sheets with CNQC International Holdings Ltd.
In a statement today, the company said CNQC intended to acquire up to 970.27 million shares, representing a 29.15 per cent equity interest in Vivocom via share swap arrangement with its two largest shareholders, namely Ang Li-Hann and Golden Oasis Resources Sdn Bhd.
“Subsequently, a definitive share swap agreement setting out the terms and conditions of the share swap arrangement will be agreed upon and signed by the parties.
“Upon the successful completion of the share swap agreement, CNQC will emerge as the single largest shareholder in Vivocom,” it said.
CNQC is currently listed on the Main Board of the Stock Exchange of Hong Kong Ltd, with a market capitalisation of HK$4.02 billion (equivalent to RM2.18 billion) as of early October 2017.
The company is a contractor and is principally engaged in the foundation business and machinery leasing business in Hong Kong and Macau, and is part of the Qingjian Group in Qingdao, China.
Vivocom’s Executive Director, Choo Seng Choon said the strategic acquisition by CNQC represented a tremendous potential for the company given its proven track record in Singapore.
“We are confident of winning more projects and getting invited to participate in more mega projects in the foreseeable future, by both the private and government sectors,” he said, adding CNQC had completed over 60 construction projects and delivered more than 30,000 residential units. – Bernama