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TECHNAX (2739): TECHNA-X BERHAD  plans backdoor listing of capacitor tech unit

KUALA LUMPUR (Dec 27): Techna-X Bhd has proposed a backdoor listing of its 50%-owned Chinese capacitor technology company via Singapore-listed F&B group Chaswood Resources Holdings Ltd.

The exercise values the capacitor technology company, HK Aerospace Beidou New Technology Co Ltd (HKAB), at US$500 million. It will see HKAB taking over the listing status of Chaswood, which is currently under share trading suspension and is undergoing a scheme with creditors.

As part of the proposal, Techna-X will dispose of its 50% stake in HKAB for S$339.28 million (US$250 million) to Chaswood in exchange for 8.93 billion new Chaswood shares at 3.8 Singapore cents apiece.

Chaswood will also acquire the other 50% in HKAB from Dr Wan Muhamad Hasni Wan Sulaiman (25%), Nong You Hua (15%) and Satriya Suetoh (10%) at the same price and for the same consideration.

The reverse takeover will result in Techna-X owning 48.2% of Chaswood’s enlarged share capital, with another 48.2% by Wan Muhamad Hasni, Nong and Satriya,  while Chaswood will own the entire 100% in HKAB.

“HKAB uses ruthenium base in its ultra-capacitor and HKAB has complete patent field and strategy in ruthenium ultra-capacitor technology in order to develop its own proprietary systems,” said Techna-X.

“HKAB has established an 8.25-acre manufacturing and research and development operation in China’s Guangxi Hi-Tech Industrial Park,” it added.

“The proposed disposal is essentially a backdoor listing of HKAB via Chaswood, which will enable Techna-X to unlock value by monetising and securitising its investment in HKAB, by creating a separate listing platform for HKAB on the Catalist Board of the Singapore Exchange,” Techna-X said.

Techna-X, formerly known as Sino Hua-An International Bhd, recently announced its expansion roadmap into technology and energy storage business, as it diverts from its metallurgical coke business that had dragged the company over the last couple years.

Its executive director Datuk Jared Lim is also the controlling shareholder of loss-making Chaswood, whose shares have been suspended from trading since its last close of 0.9 Singapore cents in 2018.

Should the proposal go through, Techna-X and the parties acting in concert will propose to waive the obligation to undertake a mandatory general offer for the remaining Chaswood shares. They will also be subject to a six-month moratorium from trading the Chaswood shares.

Techna-X and the parties will also execute the scheme of arrangement with Chaswood creditors to restructure RM62.3 million of other payables, accruals and corporate guarantees in return for Chaswood shares.

The proposals are subject to approval from shareholders of Techna-X and Chaswood, among others.

Shares of Techna-X settled unchanged at 8 sen on Monday (Dec 27), giving the group a market capitalisation of RM162.55 million.


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