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(Collectively referred to as the “Proposals”) [Source: Upon perusal of the Circular to the shareholders dated 22 April 2019 (“Circular”), pertaining to the Proposed Subscription, we note several questionable issues and concerns that require further clarification. Trive proposes to subscribe for 150 new ordinary shares in AESB, representing 60% equity interest in AESB for RM17.36 million in cash (“Subscription Consideration”).
AESB is a property investment holding company that owns Persoft Tower, a 22-year old commercial office building which is located at Persiaran Tropicana in Petaling Jaya, Selangor.
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ANALYST’S MESSAGE Trive Property Group Berhad – Some Issues and Concerns Trive Property Group Berhad (“Trive” or “the Company”) had on 19 April 2019 issued the Notice of the Extraordinary General Meeting (EGM) for the following:- (i) Proposed subscription by Trive of 150 new ordinary shares in Avenue Escape Sdn Bhd (“AESB”), representing 60% equity interest in the enlarged issued share capital of AESB, for a subscription consideration of RM17,356,898 (“Proposed Subscription”); and (ii) Proposed variation of the utilisation of proceeds previously raised from the Company’s share issuance exercise with Macquarie Bank Limited (“Proposed Variation”).
The high risk is further exacerbated by the low occupancy rate of Persoft Tower (which may reflect the quality of the Tower) coupled with the fact that the building is 22 years old. For FYE 31 July 2018, the Group’s loss after tax attributable to owners of the Company (“LAT”) was RM11.7 million and the Proposed Subscription will further widen the Group’s losses to RM13.9 million (Section 7.3 of the Circular).
After the Proposed Subscription, the Group’s gearing will increase from nil to 0.75 times (Section 7.2 of the Circular).