News

On behalf of the Board of Directors of Prestariang, UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that the Company proposes to undertake the following:-

i. a private placement of 79,579,740 new ordinary shares in Prestariang ("Prestariang Share(s)" or "Share(s)") ("Placement Share(s)") at an issue price of RM0.350 per Placement Share together with 79,579,740 free detachable warrants ("Warrant(s)") on the basis of 1 Warrant for every 1 Placement Share issued ("Proposed Private Placement with Warrants");

ii. a renounceable rights issue of up to 176,843,866 new Shares ("Rights Share(s)") at an issue price of RM 0.200 per Rights Share, on the basis of 1 Rights Share for every 3 existing Shares held, together with up to 176,843,866 Warrants on the basis of 1 Warrant for every 1 Rights Share subscribed for, on an entitlement date to be determined and announced later ("Proposed Rights Issue with Warrants"); and

iii. the establishment of a long term incentive plan, which comprises the proposed employee share option scheme and the proposed share grant plan, of up to 15% of the issued share capital of the Company (excluding treasury shares of Prestariang, if any) at any point in time during the duration of the long term incentive plan, for the eligible employees and Directors of Prestariang and its subsidiary companies, which are not dormant, who fulfil the eligibility criteria as set out in the by-laws of the long term incentive plan ("Proposed LTIP").

(The Proposed Private Placement with Warrants, the Proposed Rights Issue with Warrants and the Proposed LTIP are collectively referred to as the "Proposals").

Please refer to the attachment for further details of the Proposals.

This announcement is dated 23 July 2020.