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Under the agreement, LOGOS will subscribe for 3.75 million shares in GVL at an issue price of RM79.11 per subscription share, which is equivalent to 60% of the issued and paid-up capital of GVL following the subscription.
Ong told Parliament on Jan 4 that the proposal to do so was a “fundamental departure” from the original agreement.
The group says the profit came due to operating revenue generated during the quarter, despite the negative impact of the Covid-19 pandemic
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