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    RHONEMA   MYL5278OO006

RHONE MA HOLDINGS BERHAD

(RHONEMA)
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Rhone Ma Holdings Berhad completed the acquisition of 49% stake in Nor Livestock Farm Sdn Bhd from Nor Hazimah Binti Zabarudin.

07/01/2020 EST

Rhone Ma Holdings Berhad (KLSE:RHONEMA) entered into a conditional share sale agreement to acquire 49% stake in Nor Livestock Farm Sdn Bhd from Nor Hazimah Binti Zabarudin for MYR 0.7 million on February 21, 2020. The consideration is to be fully satisfied via cash. Upon execution of the NLF share sale agreement, RMH shall pay the sum of MYR 70,000 only being an amount equivalent to 10% of the NLF Purchase Consideration being the NLF Deposit and part payment of the NLF Purchase Consideration to Nor Hazimah’s solicitors as stakeholders. Upon the NLF agreement becoming unconditional on the date the last of the conditions precedent have been procured, obtained and/or fulfilled or waived, Nor Hazimah’s solicitors are authorised to release the NLF Deposit to Nor Hazimah. If the conditions precedent are not fulfilled (or waived by RMH in its discretion) within 90 days from the date of agreement or such extended period as may be mutually agreed by the parties, the NLF Deposit shall be refunded to RMH free of interest. The balance purchase price of MYR 630,000 only shall be paid to Nor Hazimah’s solicitors as stakeholders within 90 days from the NLF Unconditional Date. Rhone Ma entered into a profit guarantee agreement with Raja Mariam, the existing major shareholder of One Lazuli and Nor Hazimah as guarantors and Chellam Wong as stakeholder in relation to the Proposed Acquisition of NLN and Proposed Acquisition of NLF, whereby Raja Mariam and Nor Hazimah jointly provided a guarantee that the total audited PAT of NLF for financial years ending December 31, 2020, December 31, 2021 and December 31, 2022 shall not be less than MYR 100,000, MYR 200,000 and MYR 300,000, respectively. In related transactions, Rhone Ma Holdings Berhad entered into conditional share sale agreements to acquire 49% stake in One Lazuli Sdn Bhd and Nor Lazuli Nutrition Sdn Bhd for MYR 5.39 million and MYR 1.75 million respectively. The purchase consideration will be funded via proceeds to be raised from the proposed Private Placement. In the event that the proceeds to be raised from the proposed Private Placement are less than the amount required for the proposed acquisitions, the deficit is expected to be funded via internally generated funds and/or bank borrowings. NLF is expected to become a subsidiary company of RMH, subject to a final assessment. In the event that Nor Hazimah shall neglect or fails or refuses or is unable to complete the transaction in accordance with the provisions or is in breach of any of the provisions of the agreement and provided that RMH has fulfilled all the terms, RMH shall be entitled as its absolute discretion to elect to terminate the agreement and the Deposit or such monies paid by RMH to Nor Hazimah towards account of the NLF Purchase Consideration shall be refunded to RMH within 14 days from the date of receipt of the termination notice and additionally, a sum equivalent to 10% of the NLF Purchase Consideration shall be paid by Nor Hazimah to RMH as agreed liquidated damages. In the event that RMH shall neglect or fails or refuses or is unable to complete the transaction in accordance with the provisions or be in breach of any of the provisions of the agreement and provided that Nor Hazimah, has fulfilled all the terms in the agreement, then Nor Hazimah shall be entitled either to give a termination notice to RMH’s solicitors and if RMH fails to remedy the breach(es) within 14 business days of receipt of the termination notice, Nor Hazimah may terminate the agreement and the NLF Deposit shall be forfeited by Nor Hazimah as agreed liquidated damages within 14 days from the termination notice. As of May 21, 2020, the deadline for the conditions precedent to be fulfilled was moved from May 21, 2020 to June 4, 2020. In accordance with the terms of the agreement, RMH will have majority of representatives in the Board of Director’s composition of NLF. The Proposed Acquisition of OLSB, Proposed Acquisition of NLN and Proposed Acquisition of NLF are inter-conditional upon each other. The transaction is expected to be completed in the second quarter of 2020. The Proposals are not expected to have any material effect on the earnings and EPS of the RMH Group for the financial year ending December 31, 2020. Nevertheless, barring any unforeseen circumstances, the Proposed Acquisitions are expected to contribute positively to the future earnings of the RMH Group. Public Investment Bank Berhad acted as the financial advisor to Rhone Ma Holdings Berhad. Rhone Ma Holdings Berhad (KLSE:RHONEMA) completed the acquisition of 49% stake in Nor Livestock Farm Sdn Bhd from Nor Hazimah Binti Zabarudin on July 1, 2020.


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Financials
Sales 2020 147 M 34,6 M 34,6 M
Net income 2020 7,28 M 1,72 M 1,72 M
Net Debt 2020 10,5 M 2,48 M 2,48 M
P/E ratio 2020 21,6x
Yield 2020 1,24%
Capitalization 138 M 32,5 M 32,5 M
EV / Sales 2019 1,17x
EV / Sales 2020 1,17x
Nbr of Employees -
Free-Float 16,9%
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Managers and Directors
Ban Keong Lim Group Managing Director & Director
Yan San Chan Group Director-Finance
Hamzah bin Mohammad Salleh Independent Non-Executive Chairman
Lai Song Yip Executive Director & Director-Group Marketing
Wee Chong Goh General Manager-Group Operations
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