OTHERS WZ SATU BERHAD (“WZ SATU” OR “COMPANY”) PROPOSED RATIFICATION IN RELATION TO THE TERMS OF THE LETTER AGREEMENT FOR THE SETTLEMENT PURSUANT TO THE SHARE SALE AGREEMENT EXECUTED ON 18 JULY 2014 FOR THE ACQUISITION OF 5,000,000 ORDINARY SHARES IN MISI SETIA OIL & GAS SDN BHD (NOW KNOWN AS WZS MISI SETIA SDN BHD) (“MISI SETIA”), REPRESENTING 100% EQUITY INTEREST IN MISI SETIA FOR A PURCHASE CONSIDERATION OF RM27.0 MILLION (“PROPOSED RATIFICATION”)

Reference Number GA1-22062020-00110

Company Name Stock Name Date Announced
WZ SATU BERHAD WZSATU 23 June 2020
WZ SATU BERHAD
Type Announcement
Subject OTHERS
Description
WZ SATU BERHAD ("WZ SATU" OR "COMPANY")

PROPOSED RATIFICATION IN RELATION TO THE TERMS OF THE LETTER AGREEMENT FOR THE SETTLEMENT PURSUANT TO THE SHARE SALE AGREEMENT EXECUTED ON 18 JULY 2014 FOR THE ACQUISITION OF 5,000,000 ORDINARY SHARES IN MISI SETIA OIL & GAS SDN BHD (NOW KNOWN AS WZS MISI SETIA SDN BHD) ("MISI SETIA"), REPRESENTING 100% EQUITY INTEREST IN MISI SETIA FOR A PURCHASE CONSIDERATION OF RM27.0 MILLION ("PROPOSED RATIFICATION")

The Board of Directors of WZ Satu wishes to announce that the Company is proposing to undertake the Proposed Ratification in relation to the terms of the letter agreement for the settlement pursuant to the share sale agreement executed on 18 July 2014 for the acquisition of 5,000,000 ordinary shares in Misi Setia Oil & Gas Sdn Bhd (now known as WZS Misi Setia Sdn Bhd) (“Misi Setia”), representing 100% equity interest in Misi Setia for a purchase consideration of RM27.0 million.

 

Please refer to the attached announcement for the details of the Proposed Ratification.

 

This announcement is dated 23 June 2020.



Please refer attachment below.