PETALING JAYA: Sports shoes manufacturer Maxwell International Holdings Bhd has entered into a memorandum of agreement (MoA) with one of the three shoe players it previously negotiated with for its restructuring plan.
Following the termination of MoA with Mohd Faizol Abdul Karim, NTH Global Sdn Bhd and Opera Marketing Sdn Bhd yesterday as the parties were unable to come to agreement on material terms, Maxwell said it entered into an MoA with Mohd Faizol today.
Mohd Faizol through his wholly owned Persada Enterprise is the owner of Emmett, a custom and fashion shoes brand based in Kuala Lumpur.
Maxwell and Mohd Faizol intend to discuss on a proposed regularisation plan which will entail the proposed investment and subscription of new shares worth RM40 million by Mohd Faizol or a nominated fund by him; a proposed rights issue of shares by Maxwell and/or a proposed disposal of non-productive and inactive business operation of Maxwell in order to raise cash for settlement of creditors and/or future business
operation.
“The MoA provides Maxwell with an opportunity to venture into a new sustainable and profitable business, which is expected to facilitate a comprehensive regularisation plan to uplift Maxwell from being an affected listed issuer under Practice Note 17 of the Main Market Listing Requirements,“ Maxwell said in a stock exchange filing, adding that it would also provide the shareholders of the company an opportunity to participate in a sustainable and profitable business in the future.
source https://www.thesundaily.my/business/maxwell-inks-moa-with-shoe-player-CX1347040
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