News

1.         INTRODUCTION

The Board of Directors of Advance Synergy Berhad (“ASB” or “the Company”) wishes to announce that its below-mentioned subsidiaries have on 7 May 2021 entered into the following agreements with Holiday Villa Hotels & Resorts Sdn Bhd (“HVHR”) and Holiday Villas Hotels & Resorts Limited (“HVHRL”) (collectively, referred to as “Purchasers”) for HVHR and HVHRL to acquire the Contracts (“Contracts”) and Trademarks (“Trademarks”) as detailed under items 2.1 and 2.2 respectively of this announcement for a total cash consideration of RM7.0 million only (“Consideration”) (collectively, referred to as “Proposal”):-

• Antara Holiday Villas Sdn Bhd (“AHV”), Holiday Villas International Limited (“HVIL”) and Holiday Villa Middle East Limited (“HVME”) have entered into three (3) agreements relating to transfer of each of their respective Contracts and/or Trademarks and Cherating Holiday Villa Berhad (“CHV”) entered into one (1) agreement relating to the transfer of its Trademarks (“ASA”)(collectively, referred to as “Agreements” and respectively, referred to as “Agreement”).

Further details of the Proposal are set out in the ensuing sections.

This announcement is dated 7 May 2021.