Malaysia-based toner manufacturer Jadi broke the news on bursamalaysia.com that SCC is purchasing 10% of Jadi’s shares through a “subscription agreement”.
According to UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH” or the “Placement Agent”), Jadi had enter into a subscription agreement with SCC (“Subscriber”) for the proposed subscription by SCC of 94,170,040 Subscription Shares, representing 10% of the existing total number of issued shares of JADI (excluding treasury shares) as at 9 August 2019, being the latest practicable date prior to the date of this announcement (“LPD”), at an issue price of approximately RM0.13 per Subscription Share (“Subscription Agreement”).
JADI is principally involved in the development, formulation and manufacturing of toners for laser printers, photocopiers, facsimile machines and multi-function office equipment. JADI’s strong emphasis on innovation and research and development (“R&D”) makes it one of the leaders in the manufacturing of high quality toners.
SCC was incorporated under the laws of Hong Kong on 22 June 2015. SCC is principally involved in investment holding and indirectly holds 100% of the shareholding of Static Control Components, Inc. (“SCC US”). Headquartered in Sanford, North Carolina, United States of America, SCC US has over 25 years of experience in the printing and imaging industry with an extensive global distribution network. As at the LPD, the directors of SCC are Wang Dong Jie and Yan Wei. SCC is a wholly-owned subsidiary of Ninestar Corporation (“Ninestar”), a public company listed on the Shenzhen Stock Exchange with a market capitalisation of Renminbi (“RMB”) 22.65 billion as at the LPD.
The announcement claims that:
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