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- In a bourse filing, Tanco said it received notification from Sosco of the parties' inability to finalise and execute the transaction documents on or before the cut-off date of March 31, 2023 and as prescribed in the terms of the supplemental term sheets.
KUALA LUMPUR (April 5): Tanco Holdings Bhd has aborted a plan to raise RM100 million through an allotment of 100 million redeemable preference shares (RPS) of RM1 each to the Social Security Organisation (Socso).
In a bourse filing, Tanco said it received notification from Socso of the parties' inability to finalise and execute the transaction documents on or before the cut-off date of March 31, 2023 and as prescribed in the terms of the supplemental term sheets.
The term sheet had accordingly automatically terminated as of April 1, 2023 and shall be null and void. Neither party shall have any claims against the other, it added.
In October last year, Tanco said it had signed a term sheet with Socso for the proposed RPS subscription by the latter.
The funds were to be used for working capital, investments and targeted expansion of the companies within Tanco and its subsidiaries.
Each RPS was to carry a fixed non-cumulative preferential dividend at the rate of 8% per year throughout the five-year tenure from the date of the issuance of the RPS.
Tanco shares closed up 3.5 sen or 7.45% at 50.5 sen, which translates into a market capitalisation of RM937 million.
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