Definition of "transaction"
10.4
A Bhd, a listed issuer entered into a transaction with B Sdn Bhd to purchase shares of a company. A Bhd paid a deposit of RM10 million for the said purchase. A Bhd obtained shareholder approval for the said purchase. Subsequently, the said purchase was aborted. Instead, B Sdn Bhd offered land of equivalent market value, in settlement of the deposit of cash to be refunded. Will the acceptance of the land in settlement of the debt owed by B Sdn Bhd be considered as a new transaction, which may trigger the obligations set out in Chapter 10 of the Main LR?
Yes, the acceptance of the land in settlement of the debt owed by B Sdn Bhd to A Bhd will be considered a new transaction which may trigger the obligations set out in Chapter 10 of the Main LR.