Tuesday, 01 Dec 2020 08:11 PM MYTKUALA LUMPUR, Dec 1 — The Securities Commission Malaysia has approved the extension of time application by UEM Sunrise Bhd to announce any firm intention to make a takeover offer with regard to the proposed merger with Eco World Development Group Bhd .
In a filing with Bursa Malaysia, UEM Sunrise said the SC had approved the EOT until Jan 31, 2021, whereby UEM Sunrise and EcoWorld are to decide by Jan 2, 2021 whether to proceed with discussions in relation to the proposed merger. “In the event that UEM Sunrise and EcoWorld decide to proceed with the discussions in relation to the proposed merger, both companies are to jointly submit an application for a final extension of time based on a timeline as agreed by the board of directors of UEM Sunrise and EcoWorld, at the earliest possible date after Jan 2, 2021 .
“Both companies are required to make monthly announcements to keep the market informed on the progress of the discussions and anticipated work streams for the proposed merger until such time that a definitive agreement is entered into, or negotiations are terminated, is announced,” UEM Sunrise added. — Bernama