Brief: HRC World Enters Into Settlement Arrangement

HRC World

10/07/2019 14:53

July 10 (Reuters) - HRC World PLC  HRCW.CO :
    * REG-HRC WORLD PLC: SETTLEMENT ARRANGEMENT
    * IT HAS ENTERED INTO A SETTLEMENT ARRANGEMENT WITH ADA
VENTURES
(MALAYSIA) SDN BHD (AVM)
    * ARRANGEMENT WILL CONSIST OF SETTLEMENT OF US$15,000,000 BY
WAY
OF TRANSFERRING TO COMPANY 11,154,904 ORDINARY SHARES OF COMPANY
HELD BY AVM'S BENEFICIAL OWNER, DATUK NOORUSAADAH OTHMAN (DNO)
AND BALANCE OF US$5,000,000 BY CASH
    * COMPANY HAD INTENDED TO USE PROCEEDS FROM SSA TO
REPURCHASE
SHARES OF COMPANY BASED ON A CERTAIN AUTHORITY OBTAINED IN LAST
ANNUAL GENERAL MEETING

Source text for Eikon:  ID:nGNE5QFSJZ 
Further company coverage:  HRCW.CO 

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