Memiontec clarifies no binding M&A deals amidst 'unusual volume movements'

No definitive or binding agreements have been signed to date.

Memiontec Holdings Ltd. has clarified that it is exploring mergers and acquisitions opportunities as part of its growth strategy but has not entered into any binding agreements.

The company said that no memorandum of understanding, term sheet, or definitive agreement has been signed as of the date of the announcement, addressing concerns raised by the Singapore Exchange Securities Trading Limited (SGX-ST) about the unusual volume movements in the company's shares.

The company noted that there is no certainty that such transactions will materialise.

Memiontec also pointed out that it released a profit guidance for the financial year ending 31 December 2024 on 12 February 2025 and announced a proposed renounceable non-underwritten rights issue with warrants on 18 December 2024.

In response to speculation about rumors or other explanations for the trading activity, the company confirmed it is unaware of any other factors that could explain the unusual market movements, aside from the previously disclosed information.

The company reaffirmed its compliance with the SGX Catalist Rules, particularly Rule 703, which governs disclosure obligations.

The board advises shareholders to exercise caution when trading the Company’s shares and to consult with professional advisors if needed.