Vivocom’s major shareholders give HK firm more time to acquire stake

PETALING JAYA: Vivocom International Holdings Bhd’s substantial shareholders have given Hong Kong-listed CNQC International Holdings Ltd more time to complete the acquisition of a 28.59% equity interest in the company.

Ang Li-Hann and Golden Oasis Resources Sdn Bhd have agreed to give CNQC until Jan 25 to complete the purchase. The duration of the indicative term sheet between the two parties was until Jan 11, 2018.

Following the completion of the acquisition, CNQC will emerge as the largest shareholder of Vivocom.

“Up to the date of this announcement, no binding agreement has been entered into between CNQC, Ang Li Hann and Golden Oasis Resources Sdn. Bhd in respect of the potential acquisition. As such, the shareholders of Vivocom shall exercise caution when dealing in the securities of the company,” the board of directors said in a filing with the stock exchange.

CNQC is a contractor principally engaged in the foundation business and machinery leasing business in Hong Kong and Macau.

On Bursa today, Vivocom fell 3.57% to close at 13.5 sen with 11.36 million shares done.

Source: The Sun Daily

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