Started from August 2020, Kanger (0170) has signed several Memorandum of Understandings (MOUs) and agreement with several parties to start several business opportunities. The current status of the MOUs and agreements are as follows:
- A Collaboration Agreement between Vegetta Champion Sdn. Bhd. and Kanger Ventures Sdn. Bhd. a wholly owned subsidiary of Kanger, relating to a construction contract at Genting Highlands with contract value RM478 million.
Progress of the agreement:
- Based on an announcement dated 2 March 2021.
- VCSB received a Letter of Intent dated 2 March 2021, whereby VCSB was appointed as the main contractor for foundation and main building works of a project.
- Kanger Ventures shall be responsible for the entire project management, financial and entire administration of the Project
b. Based on an announcement dated 4 March 2021.
- The Company announced that the Project is expected to commence in June 2021 and to be completed in 48 Months.
Remarks: The construction project contract under this collaboration agreement will start on June 2021.
- MOUs between Kanger and several parties, relating to the company’s efforts to secure as a distributor for Sinopharm Covid-19 vaccines in Malaysia.
Progress of the MOUs:
- The progress of the referred MOUs can be referred to an article at a web link https://klse.i3investor.com/blogs/httpsklsei3investorcomM/2021-05-29-story-h1565953920-Kanger_017_The_Bamboo_Flooring_And_Related_Products_Company_Is_Trying_H.jsp
Remarks: These MOUs is in progress and awaiting for NPRA’s approval for the Sinopharm Covid-19 vaccines before Kanger probably can execute the deal to import and distribute the vaccines in Malaysia.
- A Conditional Sale Agreement (SSA) between Kanger and Vendors, relating to the proposed acquisition of 1,020,000 ordinary shares of Sung Master, representing 51.0% equity interest of Sung Master.
Progress of the agreement:
- Based on an announcement dated 26 April 2021.
- The company proposed acquisition of 1,020,000 ordinary shares of Sung Master, representing 51.0% equity interest of Sung Master ("Sale Shares") for a purchase consideration of RM94,789,436.00.
- The Purchase Consideration shall be satisfied via a combination of cash payment of RM51,999,999.62 whilst the remaining purchase consideration of RM42,789,436.38 shall be satisfied via the issuance of 713,157,273 new ordinary shares of Kanger at the issue price of RM0.06 per Kanger Share.
- Based on an announcement dated 12 May 2021.
- The company announced that the listing application for the Proposals has been submitted to Bursa Malaysia Securities Berhad on 12 May 2021.
Remarks: This agreement is in progress and awaiting for approval from the authority’s approval and the completion of the proposed Right Issue (RI) with warrants exercises.
- A Conditional Sale and Purchase Agreement (SPA) between Kanger Ventures Sdn Bhd and Aset Kayamas Sdn Bhd, relating to the proposed acquisition of serviced apartments located @ Genting Highlands, Bentong, Pahang.
Progress of the agreement:
- Based on an announcement dated 24 February 2021.
- The company announced the acquisition proposal by Kanger Ventures Sdn Bhd , a wholly-owned subsidiary of Kanger, of 126 units of proposed serviced apartments located on the 30th to 45th floors of Tower A, Antara @ Genting Highlands, Bentong, Pahang from the developer, namely Aset Kayamas Sdn Bhd for a total purchase consideration of RM142,870,000 to be satisfied entirely via cash.
- Based on an announcement dated 19 April 2021.
- The company announced that the listing application pursuant to the Proposals has been submitted to Bursa Malaysia Securities Berhad on 19 April 2021.
- Based on an announcement dated 26 April 2021.
- The company announced that the Board had on 26 April 2021 ("Price-Fixing Date") resolved to fix the issue price of the Rights Shares at RM0.06 per Rights Share ("Issue Price").
- Based on an announcement dated 2 June 2021.
- The company announced that the Bursa Securities vide its letter dated 2 June 2021, resolved to approved the following:-
- Admission to the Official List and listing and quotation of up to 2,861,936,149 Warrants B to be issued pursuant to the Proposed Rights Issue with Warrants;
ii. Listing and quotation of:-
Up to 2,861,936,149 new Kanger Shares to be issued pursuant to the Proposed Rights Issue with Warrants;
Remarks: This agreement in progress and awaiting for the completion of the proposed Right Issue (RI) with warrants exercises.
- A Collaboration Agreement between Kanger Ventures and Multiple Novation, relating to a multiple constructions works.
Progress of the agreement:
a. Based on an announcement dated 15 January 2021
The Board of Directors of Kanger International wishes to announce that its wholly-owned subsidiary, Kanger Ventures Sdn Bhd , had on 15 January 2021 entered into the following Collaboration Agreements.
a) Qbeez Holdings Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 6th July 2018 for construction of main building works of the project of development of three (3) blocks of affordable apartment on Lot 52957, Jalan Desa, Taman Desa, Mukim Kuala Lumpur, Wilayah Persekutuan (“Qbeez Project 1”);
b) Qbeez Holdings Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 28th December 2018 for construction of building and external works for the project of development two (2) blocks apartment on PT 15659, Jalan Indrahana 3, Mukim Petaling, Kuala Lumpur, Wilayah Persekutuan (“Qbeez Project 2”);
c) Lead Pinnacle Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 28th October 2019 for construction of piling and foundation works of the project of construction of a temporary gallery on PT 23923, (H.S.(D) 18603) Genting Highlands, Mukim Bentong, Daerah Bentong, Negeri Pahang (“Lead Project 1”);
d) Lead Pinnacle Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 7th July 2020 for construction of foundation and main building works for the project of a mixed development of two (2) blocks of service apartment on PT 23923, (H.S.(D) 18603) Genting Highlands, Mukim Bentong, Daerah Bentong, Negeri Pahang (“Lead Project 2”);
e) Deseo Engineering Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 13th April 2018 for construction of main building works for the project of a development of two (2) blocks of affordable apartments and two (2) blocks of apartment on Lot 55121, Jalan Jujur, Bandar Tun Razak, Cheras, Kuala Lumpur (“Deseo Project”);
f) Enduring Power Sdn Bhd and Kanger Ventures in respect of Letter of Award dated 1st June 2019 for construction of main building works for the project of a development of two (2) blocks of service apartment on Lot 1351 & 1377, Jalan Padang/Jalan Padang Walter Grenier dan sebahagian simpanan Jalan, Seksyen 67, Bukit Bintang, Bandar Kuala Lumpur (“Enduring Project”).
- Any approval required from the relevant authority and shareholders in a general meeting of the Company to undertake this collaboration herein contemplated;
- The Parties shall fulfill the above conditions within 90 (ninety) days from the date of these agreements or such extended date as shall be mutually agreed in writing by the Parties (Cut-Off Date).
Remarks: No further announcement on the progress of this Collaboration Agreement yet by to date.
- A Head of Agreement between Kanger and Constellation Holdings Ltd, Dubai regarding the setting up of medical examination gloves manufacturing operations in Malaysia.
Progress of the agreement:
- Announcement on 11 August 2020.
- The company has received a formal Expression of Interest letter (“EOI”) dated 9 August 2020 from Constellation Holdings Limited, Dubai (“Constellation”) for collaboration in the setting up of medical examination gloves operations in Malaysia.
- Announcement on 14 August 2020.
- The company had, on 13 August 2020 entered into a heads of agreement with Constellation Holdings Limited.
- Kanger is setting up a glove manufacturing plant in Ijok, Selangor for about RM77 million.
- Kanger has incorporated a wholly-owned subsidiary, Kanger Glove Manufacturing Sdn Bhd, which will acquire around five acres in Ijok for RM6.8 million.
- Kanger Glove would spend RM70 million to build the plant and install up to eight production lines to produce medical, surgical and/or nitrile glove.
- Announcement on 21 August 2020.
- The Company provided additional information pursuant to the queries by BURSA.
- The company need to apply for the relevant regulatory approvals for setting up the factory.
Remarks: No further announcement or report on the progress of this medical examination gloves manufacturing operations can be retrieved by the writer yet by to date.
** DISCLAIMER: I wrote this article based on my research from www.bursamalaysia.com and information reported on the web. Any misreporting and emission of the information should not be my intention. All the information given is not for buy call or sell call purposes.
https://klse.i3investor.com/blogs/mzm511/2021-06-07-story-h1566103030-The_Currents_Status_of_MOUs_and_Agreements_Relating_To_KANGER_0170.jsp
