Novautek Technologies Group Limited — M&A Activity 1999

Nov 16, 1999

Listed Company Information

KONG SUN HOLD<0295> - Announcement KONG SUN HOLDINGS LIMITED PROPOSED MAJOR AND CONNECTED TRANSACTION INVOLVING ISSUE OF NEW SHARES ADJOURNMENT OF EXTRAORDINARY GENERAL MEETING AND EXTENSION OF THE LONG STOP DATE The date of the adjourned Extraordinary General Meeting to approve the proposed major and connected transaction involving issue of new shares is not yet fixed. Pursuant to the Memorandum, the Long Stop Date will be extended to 16 February 2000 for the fulfillment of the Conditions. Further to the announcements on 16 August 1999, 6 September 1999, 30 September 1999 and the circular dated 15 September 1999 (the "Circular") in relation to the acquisition of a 55% interest in Pioneer Heritage Sdn Bhd ("Pioneer") by Hua Chiao Development Limited ("Hua Chiao") from Kong Sun Enterprise Sdn Bhd ("KSE") (terms defined in this Announcement, unless the content otherwise require, shall have the same meanings as those in the Circular), the board of directors (the "Board") of Kong Sun Holdings Limited announces that the approval of the Foreign Investment Committee of the Prime Minister Department in Malaysia to the transfer of shares in Pioneer pursuant to the Agreement has still not been obtained and the date of the adjourned Extraordinary General Meeting (the "EGM") is not yet fixed. Due to the captioned condition has not been fulfilled, all the conditions of the Agreement (the "Conditions") cannot be fulfilled on or before 16 November 1999 (the "Long Stop Date") accordingly. Hua Chiao, KSE and Mr. Kong Look Sen have mutually agreed and signed a memorandum (the "Memorandum") on 15 November 1999 to extend the Long Stop Date to 16 February 2000 or such later date as may be mutually agreed, for fulfillment of the Conditions. Other than the Long Stop Date all the terms in the Agreement remain unchanged. Further announcement will be made if there is any further development in relation to the transaction or if the date of the EGM is fixed by the Board. By Order of the Board Kong Sun Holdings Limited Kong Look Sen Chairman Hong Kong, 15 November 1999