MSRS is presently a wholly owned subsidiary of KLSE providing share registration services.
The proposed sale of MSRS involves the acquisition by Symphony of 2 million ordinary shares of RM1 each in MSRS, representing 100% of the issued and paid-up share capital of MSRS and 2 million Redeemable Convertible Unsecured Loan Stocks (RCULS) of RM1 each in MSRS representing 100% of the RCULS issued by MSRS, for a cash consideration of RM6 million, payable in cash.
The sale of MSRS is in line with the move by KLSE to focus on its core competencies in the exchange business, clearing, settlement and depository, information services and exchange systems.
The sale is subject to the finalisation and execution of a Sale & Purchase Agreement by both parties, within sixty (60) days from the date of the announcement.
