PETALING JAYA: Sports shoes manufacturer Maxwell International Holdings Bhd’s restructuring plan has hit a snag following the termination of its memorandum of agreement (MoA) with shoe players today.
Maxwell had said that the MoA was an opportunity for the group to venture into a new sustainable and profitable business to facilitate a comprehensive regularisation plan to uplift it from being an affected listed issuer under Practice Note 17.
It told Bursa Malaysia that the MoA was terminated as the parties involved were unable to come to agreement on material terms.
The MoA was signed with Mohd Faizol Abdul Karim, NTH Global Sdn Bhd and Opera Marketing Sdn Bhd (OMSB).
The proposed regularisation plan entailed the proposed investment and subscription of new shares worth RM40 million by Mohd Faizol or a nominated fund by him; the proposed rights issue of shares by Maxwell; the proposed execution of business co-operation/business development agreement between NTH and Maxwell.
It also involved the proposed execution of business co-operation/business development agreement/merger between OMSB and its companies and Maxwell; and the 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.
Mohd Faizol through his wholly owned Persada Enterprise is the owner of Emmett, a custom and fashion shoes brand based in Kuala Lumpur.
NTH is in the business of manufacturing and trading of shoes. NTH currently holds the official trademark Nottingheels which has been registered as the official trademark in Malaysia, China, Europe, and the US.
OMSB is the operator of fashion shoes shop chain stores, marketing the same under the brand name and trademark of Opera.
source https://www.thesundaily.my/business/maxwell-s-regularisation-plan-hits-a-snag-KC1343408
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