KUALA LUMPUR: The non-interested shareholders of G Neptune Bhd have approved its proposed regularisation plan at its EGM today, which is expected to address the company’s Guidance Note 3 status as well as return it to a stronger financial standing and profitability.
An integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for RM252.0 million to be satisfied through the issuance of 1.68 billion shares.
Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.2 million and RM35.18 million in the financial year ended Dec 31, 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80 million over the three-year period from 2022 to 2024.
Super Advantage is held by Tan Sri Gan Yu Chai, the managing director of Southern Score, a veteran in the construction and property development industries with more than 30 years’ experience as well as Gan Yee Hin, the executive director and CEO of Southern Score.
Shareholders also approved to change the company’s name to Southern Score Builders Bhd, a move undertaken by the company to better reflect G Neptune’s new corporate identity moving forward.
Yee Hin said with the injection of Southern Score, G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders.
Shareholders also approved other proposals which are part of the proposed regularisation plan including the proposed consolidation of every 10 existing G Neptune’s shares into one share; the proposed debt settlement amounting to RM3.1 million to Chai Tham Poh, an executive director of G Neptune, via the issuance of 20.67 million shares; the proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and; the proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Yu Chai and Yee Hin.
