38. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR AND SUBSEQUENT EVENT Significant events during and subsequent to the financial year are as follows:- (a) The Company had on 8 February 2021 announced that Khazanah Nasional Berhad (“Khazanah”), informed the Company and its strategic partner (“Consortium”) that it has accepted the bid by the Consortium led by the Company for the proposed sale of the entire issued share capital of Silterra Malaysia Sdn. Bhd. (“Silterra”) by Khazanah, subject to the signing of a definitive agreement (“Silterra Acquisition”). On 31 March 2021, the Company and Beijing Integrated Circuit Advances Manufacturing and High-End Equipment Equity Investment Fund Center (Limited Partnership) (“CGP Fund”) had together entered into a conditional share sale and purchase agreement (“SSPA”) with Khazanah for the acquisition by the Company and CGP Fund (as purchasers) of the entire issued share capital of Silterra as at the completion date of the SSPA, representing the entire equity interest in Silterra for a purchase consideration of RM273,000,000 to be satisfied entirely through cash (“Purchase Consideration”). On 26 July 2021, the Company announced that all conditions precedent pursuant to the SSPA have been fulfilled, and that the payment for the Purchase Consideration have been settled in full. Pursuant thereto, the Silterra Acquisition was deemed completed. (b) On 6 August 2021, Ping Petroleum UK PLC (“PPUK”), a wholly-owned subsidiary of Ping Petroleum Limited, which in turn a 90% owned subsidiary of the Company entered into a sale and purchase agreement with Summit Exploration and Production Limited to acquire the remaining 50% interest in the development of Avalon Oilfield not owned by PPUK for an initial cash consideration of USD5.0 million (or equivalent to RM21.09 million) with further contingent payments, giving a total purchase consideration of USD17.0 million (or equivalent to RM71.72 million). (c) Nuraslina binti Zainal Abidin (“Plaintiff”) vs Dagang Net Technologies Sdn. Bhd. (“Dagang Net”), Dagang NeXchange Berhad (“the Company” or “DNeX”) and Genaxis Group Sdn. Bhd. (“Genaxis”) (Dagang Net, the Company and Genaxis shall collectively be referred to as “Defendants”): The Company and its wholly-owned subsidiary, Dagang Net had on 11 October 2021 received a sealed copy of the Originating Summons dated 6 October 2021 (“Legal Suit”) from the Plaintiff and an affidavit in support of the Plaintiff dated 27 September 2021. 305 DNeX INTEGRATED REPORT 2022
RkJQdWJsaXNoZXIy NDgzMzc=