Southern Score Builders Berhad Completes Regularisation Plan ACN Newswire

Southern Score Builders Berhad Completes Regularisation Plan

9 11 月, 2022
KUALA LUMPUR, Nov 9, 2022 - (ACN Newswire via SEAPRWire.com) - Southern Score Builders Berhad (Bursa: SSB8, 0045), a former Guidance Note 3 (GN3) company, has completed its regularisation plan which involves, amongst others, the acquisition of Southern Score Sdn Bhd (SSSB), a G7 contractor. Following the acquisition, Southern Score Builders will be involved the provision of construction management services mainly for high-rise residential buildings. Shares of the Company also resumed trading after being suspended since December 2020.Gan Yee Hin, ED and CEO of Southern Score BuildersLed by an experienced and technically strong management team, SSSB adopts construction practices that support the efficiency optimisation of its construction projects. It adopts industrialised building system (IBS) in most of its development and construction projects which is aimed at increasing productivity and improving quality of its projects. Besides that, by leveraging on its asset-light and flexible delivery model, SSSB is able to offer a standardised and cost-efficient building process which enables scalability and flexibility with lower exposure to cyclicality and house prices.SSSB recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial years ended 31 December 2019, 2020 and 2021 respectively, and realised net profit margin of 9.7%, 12.9% and 12.3% in the 3 years.The regularisation plan involved, amongst others, the acquisition of the entire equity interest in SSSB from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million satisfied via the issuance of 1.68 billion consideration shares. Super Advantage, being the vendor of SSSB, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024.Other than the acquisition, the completed regularisation plan also entailed the following:- consolidation of every ten existing shares in Southern Score Builders into one consolidated share;- settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of Southern Score Builders, via the issuance of 20.67 million of settlement shares;- private placement of 543.05 million shares at an issue price of RM0.20 per share to identified investors; and- exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining Southern Score Builders shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin ("Exemption").The completion of the Regularisation Plan will allow the Company to return to a better and stronger financial standing and profitability. Further, the acquisition of SSSB will allow the Company to diversify its business into construction management services whereby the Company is expected to benefit from expected recovery in the construction sector.The shareholders of Super Advantage are Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score Builders, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score Builders.Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin, said, "We would like to thank Bursa Securities for their guidance and support throughout the progression of regularisation plan. Our thanks also go to Kenanga Investment Bank Berhad, the principal adviser, sponsor and placement agent in relation to the regularisation plan and to Malacca Securities Sdn Bhd, the independent adviser for the Exemption. We would also like to acknowledge the work of the other professionals who worked diligently to ensure the successful completion of the regularisation plan.""As a listed entity, Southern Score Builders will be able to further expand our construction services while leveraging on our expertise and business network. We are also intensifying our venture in IBS production through the construction of a manufacturing plant as we see demand growing from the construction sector."About Southern Score Builders Berhad (formerly known as G Neptune Berhad)Southern Score Builders is principally involved in the provision of construction management services mainly in Kuala Lumpur. The scope of Southern Score Builders' construction services involves the provision of professional project management services from project initiation until the completion of construction works. These services encompass project initiation, planning and design, appointment of subcontractors, procurement; construction project management as well as inspection and completion handover. To-date, via SSSB, Southern Score Builders has completed several projects including, amongst others, the PR1MA Jalan Jubilee project. SSSB is a CIDB Grade 7 contractor. https://southernscore.com.my/Image Caption for Picture 1 https://www.acnnewswire.com/topimg/Low_SouthernScore202211109.jpgFrom L-R:Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune BerhadMs. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders BerhadMr. Chai Tham Poh, Executive Director of G Neptune BerhadTan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders BerhadMr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders BerhadDatuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders BerhadDato' Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune BerhadMs. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders BerhadImage Caption for Picture 2https://www.acnnewswire.com/topimg/Low_SouthernScore2022111092.jpgFrom L-R:Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune BerhadDato' Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune BerhadDatuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders BerhadTan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders BerhadMr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders BerhadMr. Chai Tham Poh, Executive Director of G Neptune BerhadMs. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders BerhadMs. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad Copyright 2022 ACN Newswire. 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Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive ACN Newswire

Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive

24 9 月, 2022
KUALA LUMPUR, Sep 24, 2022 - (ACN Newswire via SEAPRWire.com) - Southern Score Builders Berhad is pleased to present an incentive of RM100,000 to Malaysia's top men's doubles pair Aaron Chia and Soh Wooi Yik, who won Malaysia's first gold at the 2022 World Badminton Championships in Tokyo last month.Soh Wooi Yik, Gan Yee Hin and Chia Teng Fong [L-R]Ian Wong Jien Sern, Gan Yee Hin, Dato Jack Koh [L-R]Aaron and Wooi Yik were presented with mock cheques by Executive Director and Chief Executive Officer of Southern Score, Gan Yee Hin, at a ceremony today honouring their outstanding achievements. On hand to welcome them were guests and staff of Southern Score.Gan Yee Hin said, "We are here to celebrate the outstanding achievement of Aaron and Wooi Yik by presenting a token of appreciation for winning the world title for Malaysia. Thank you for the dedication and hard work, they are excellent and truly deserve the rewards. We believe this world title is just the beginning of their badminton journey. We hope this little token of our gratitude will further motivate them for greater achievements and bring glory to the country in the world arena.""We hope that our gesture incentive will inspire others to assist a new generation of players who have the courage to pursue the sport as their career.""At the same time, we are contributing RM200,000 to Petaling Badminton Club (PBC), the club from which our world champions were nurtured before they joined the national team. We hope that the contribution provides some support as they nurture talents to represent the country. PBC has had a history of producing several of the country's well-known players such as Chen Tang Jie, Cheam June Wei, Man Wei Chong and Goh V Shem."Aaron and Wooi Yik thanked Southern Score for the incentive and said, "We are honoured to have represented Malaysia at the World Badminton Championships and would like to thank Southern Score and all Malaysians for their support.""Support such as this incentive from Southern Score means a lot to us and motivates us as we prepare ourselves mentally and physically to win more accolades for Malaysia on the world stage, including our goal of making it to the 2024 Olympic Games."Southern Score is a certified CIDB Grade 7 builder of homes for the community and a future for the nation. The Company is always closely tied into the local community and remains active in community involvement programmes such as education, sport, environment and society.Southern Score: https://southernscore.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Shareholders of G Neptune Approved its Regularisation Plan ACN Newswire

Shareholders of G Neptune Approved its Regularisation Plan

13 9 月, 2022
KUALA LUMPUR, Sep 13, 2022 - (ACN Newswire via SEAPRWire.com) - The non-interested shareholders of G Neptune Berhad have approved its proposed regularisation plan during the extraordinary general meeting (EGM) held today. The shareholders' approval marks a key milestone for G Neptune's proposed regularisation plan which is expected to address the Company's Guidance Note 3 (GN3) status as well as return it to a stronger financial standing as well as profitability.Peter Ling Sie Wuong, Independent Non-Executive Director; Cheah Hannon, Independent Non-Executive Director; Chai Tham Poh, Executive Director; and Dato' Haji Mohd Amran Bin Wahid, Non Independent Non Executive Chairman from G Neptune Berhad; Tan Sri Datuk Seri Gan Yu Chai, MD; Datuk Sydney Lim Tai Chin, ED; and Gan Yee Hin, ED and CEO from Southern Score Sdn. Bhd. and Alvin Ooi, Acting Head of Corporate Finance of Kenanga Investment Bank Berhad [L-R]Gan Yee Hin, Executive Director and Chief Executive Officer of Southern ScoreAn integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.Shareholders also approved to change the Company's name to "Southern Score Builders Berhad", a move undertaken by the Company to better reflect G Neptune's new corporate identity moving forward.Commenting on the shareholders' approval, Gan Yee Hin said, "We would like to thank the shareholders for putting their trust and confidence in us. This is a key milestone towards the long-awaited completion of the regularisation plan. With the injection of Southern Score, we believe that G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders."Other than the proposed acquisition and proposed change of name, shareholders also approved the following proposals which are part of the proposed regularisation plan:- proposed consolidation of every 10 existing G Neptune's shares into one share;- proposed debt settlement amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;- proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and;- proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.Gan Yee Hin added, "The shareholders' approval obtained today heralds a new beginning for Southern Score as we gain a step closer towards obtaining a listing status via GNB. We intend to leverage on our listing status to further grow our business for which our shareholders will also be able to partake in. We expect Southern Score's growth to be fuelled from growth in the construction sector where construction activities is expected to increase in tandem with economic growth following the reopening of the economy and country borders."Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.G Neptune Berhad: 0045 [BURSA: GNB], https://www.gneptune.com/Southern Score: https://southernscore.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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G Neptune Seeks Shareholders’ Approval to Acquire Soutern Score, a construction Management Services Company, as part of its Proposed Regularisation Plan ACN Newswire

G Neptune Seeks Shareholders’ Approval to Acquire Soutern Score, a construction Management Services Company, as part of its Proposed Regularisation Plan

22 8 月, 2022
KUALA LUMPUR, Aug 22, 2022 - (ACN Newswire via SEAPRWire.com) - G Neptune Berhad is pleased to announce that its circular, which includes multiple proposals as part of its proposed regularisation plan, has been issued today. Upon completion, the proposed regularisation plan is expected to address its Guidance Note 3 (GN3) status as well as to return it to a stronger financial standing and profitability that will benefit all stakeholders.Executive Director and Chief Executive Officer of Southern Score Gan Yee Hin and Executive Director and Head of Group Investment Banking & Islamic Banking of Kenanga Investment Bank Berhad Datuk Roslan Hj Tik [L-R]The proposed regularisation plan includes amongst others, the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.Other than the proposed acquisition, the proposed regularisation plan also entails the following:- proposed consolidation of every ten existing shares in G Neptune into one consolidated share;- proposed settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;- proposed private placement of 543.05 million shares at an issue price to be determined later but shall not be less than 20 sen per share to eligible investors to be identified later; and- proposed exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.Through the proposed private placement, G Neptune aims to raise at least RM108.61 million to be used for amongst others, the purchase of building materials and repayment to contractors for future construction projects, as well as for TCS SS Precast Construction Sdn Bhd (TSPC), a CIDB Grade 7 contractor in which Southern Score owns a 35% stake.Additionally, to better reflect the Company's corporate identity going forward, it is proposed that the Company name "G Neptune Berhad" be changed to "Southern Score Builders Berhad".Commenting on the proposed acquisition, Gan Yee Hin, said, "The proposed acquisition of Southern Score is an integral part of the regularisation plan as it will enable G Neptune to enter into the construction industry which is a thriving and growing industry. This will also help in regularising the Company's financial condition as it currently does not have a core business to sustain its listing status. We expect Southern Score to benefit from the growth in the construction sector which is expected to be positive in 2022 following the reopening of Malaysia's economy.""We also intend to venture into the manufacture of Industrialised Building Systems (IBS) products through TSPC as we see demand rising given that the construction sector is moving towards the adoption of IBS for better construction quality and productivity, less dependency on foreign labour as well as lower costs. Government initiatives are also supportive of this adoption."The proposed regularisation plan and the proposed change of name are subject to, amongst others, GNB shareholders' approval at the forthcoming general meeting to be held on 13 September 2022.Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.G Neptune Berhad: 0045 [BURSA: GNB], https://www.gneptune.com/Southern Score: https://southernscore.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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