RDS Partnership Advises MYKRIS In Respect Of Sale Of Managed Network Services Unit To Maxis
On 13 October 2021, MyKRIS International Berhad (MyKRIS) and its subsidiary, MyKRIS Net (MSC) Sdn Bhd entered into a conditional share purchase agreement with Maxis Broadband Sdn Bhd (Maxis). This agreement is for the disposal of MyKRIS’ entire equity interest in MyKRIS Asia Sdn Bhd (MyKRIS Asia) to Maxis where the total consideration is to be satisfied entirely in cash, comprising a base consideration of up to RM115.0 million and subsequent payments of up to RM42.5 million upon certain revenue targets being achieved.
We are proud to be the solicitors for MyKRIS in this transaction where our Capital Markets Head & Partner, Ong Eu Jin together with Associates, Diane Ngu and Lee Zai Lii (Lily) were the principal solicitors.
MyKRIS is listed on the LEAP Market of Bursa Malaysia Securities Berhad (Bursa Securities). Eu Jin was also the partner-in-charge for the initial public offering and listing of MyKRIS in 2018.
As MyKRIS Asia is the principal operating subsidiary of MyKRIS, the proposed disposal is a major disposal pursuant to Rule 7.08 of the LEAP Market Listing Requirements of Bursa Securities. It is also subject to shareholders’ approval of at least 75% of the total number of issued shares held by the shareholders of MyKRIS present and voting either in person or by proxy at a general meeting.
It is notable that Eu Jin has also advised on the following large acquisition deals:
Acted for a manufacturer and distributor of tin cans listed on the Main Market of Bursa Securities and its independent adviser in respect of a conditional mandatory take-over offer to acquire its shares.
Acted for the vendor in respect of the disposal of 100% equity stake in a company involved in the business of plastic injection molding in Malaysia, China, Hong Kong, Singapore and Indonesia to a state-owned listed entity.
Acted for an investor (which is one of the largest independent venture capital firms in South Korea) in relation to its investment in an international drone based managed solutions provider alongside 4 other foreign and local investors.
Acted for one of Australia’s largest private, diversified developer to jointly develop the residential and mixed-use projects at the center of the Iskandar Malaysia development corridor Johor Bahru via an incorporated joint venture company.
Acted for a manufacturer of security seals, in respect of a group rationalisation exercise involving the acquisition of minority stakes in its foreign subsidiaries in the United States, United Kingdom and Denmark.
More Information on the MyKRIS transaction can be found at:
The Star
https://www.thestar.com.my/business/business-news/2021/10/14/maxis-buying-mykris-asia-for-rm157mil
The Edge Markets
NST
BH Online
https://www.bharian.com.my/bisnes/korporat/2021/10/875815/maxis-ambil-alih-mykris-asia-rm1575-juta
15 October 2021
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