349,369,785 Ordinary Shares of Vestland Berhad are subject to a Lock-Up Agreement Ending on 31-JUL-2023.
July 30, 2023
Share
349,369,785 Ordinary Shares of Vestland Berhad are subject to a Lock-Up Agreement Ending on 31-JUL-2023. These Ordinary Shares will be under lockup for 181 days starting from 31-JAN-2023 to 31-JUL-2023.
Details:
In compliance with Rule 3.19 of the Listing Requirements and pursuant to the conditions imposed under the approval letter by Bursa Securities, a moratorium will be imposed on the sale, transfer or assignment of Shares held by Specified Shareholders, the moratorium applies to the entire shareholdings of 703,508,700 Shares held by Specified Shareholders, namely Datuk Liew and SK Wong for a period of six months from the date of Listing (?First 6-Month Moratorium?), upon the expiry of the First 6-Month Moratorium, Company must ensure that Specified Shareholders? aggregate shareholdings amounting to at least 45% of total number of issued Shares remain under moratorium for another period of 6 months (?Second 6-Month Moratorium?) and on the expiry of the Second 6-Month Moratorium, Specified Shareholders may sell, transfer or assign up to a maximum of one-third per annum (on a straight-line basis) of their Shares held under moratorium.
Vestland Berhad is an investment holding company, which is engaged in the provision of construction services. It operates through two segments: Build segment, and Design and build segment. The Build segment is involved in the overall project including project management, project planning, project construction, project completion and project handover based on the designs provided by its customers. The Design and Build segment is engaged in the overall project as well as planning and coordinating the design aspects of the project covering technical specifications as well as coordination of the relevant submissions to the authorities. Its Civil engineering works include earthworks which includes site clearance, excavation and backfilling as well as levelling and rock hacking works, and slope stabilization works which enhances the strength of the slope to prevent slope failures. Its projects include Barrington Square, Somer Square, Pearl Suria, Nautilus 53 Superlink House D'Island.