Annual Report 2020

42. Significant events (cont'd.) (iii) Sale of 32.7% of interests in AAI On 29 December 2020, the Group announced that its wholly owned subsidiary, AAIL executed a Share Purchase Agreement (“SPA”) with TSL to sell 32.7% of AAI, comprising 490 million ordinary shares of INR10 each, for a consideration of USD37.7 million (or approximately RM152.6 million). The SPA also provides for an option for the sale of AAIL’s remaining 16.3% stake in AAI. The total consideration in respect of the Option is USD18.8 million (or approximately RM76.3 million). The impact of the disposal is as disclosed in Note 14 to the financial statements. 43. Subsequent events (i) Private placement On 21st January 2021, the Company announced that it proposed to undertake a private placement of up to 20% of the total number of issued shares of the Company or 668,394,816 shares (“Placement shares”) (“Proposed Private Placement”). The Proposed Private Placement will be undertaken in accordance with the general mandate pursuant to Sections 75 and 76 of the Companies Act 2016 and the “Additional Temporary Relief Measures to Listed Issuers” announced by Bursa Malaysia Securities Berhad (“Bursa”) on 16 April 2020 which increased the prescribed limit under Paragraph 6.03 of the Main Market Listing Requirements from 10% to 20%. The Company has obtained approval from its shareholders for the 20% General Mandate at its Annual General Meeting held on 28 September 2020. The Placement Shares will rank equally in all aspects with the existing Company shares in issue. The actual amount of proceeds to be raised from the Proposed Private Placement will depend on the actual number of Placement Shares issued and the issue price of the Placement Shares. On 10 February 2021, the Company announced that the first tranche of placement shares of 369,846,852 is price fixed at RM0.675 per share. On 9 March 2021, the Company announced that the second tranche of placement shares of 100,367,362 is price fixed at RM0.865 per share. The above two tranches raised a total of RM336.46 million. (ii) Proposed establishment of Long Term Incentive Scheme of up to 10% of the total number of issued shares ("Proposed LTIS") On 17 February 2021, the Company announced that it proposes to establish and implement a long term incentive scheme for eligible employees and directors of Group and its subsidiaries (excluding dormant subsidiaries) (collectively referred to as, “AAGB Group” or “Group”) which consists of an employee share option scheme (“Proposed ESOS”) and a share grant scheme (“Proposed SGS”) (collectively referred to as, the “Proposed LTIS”). The Proposed ESOS is intended to allow the Company to reward selected eligible employees and directors (excluding non- executive directors), primarily key senior and critical junior talents, of the Group by granting them an option to subscribe for new ordinary shares in the Company at a pre-determined specified exercise price (“ESOS Option”), subject to the terms and conditions of the By-Laws. The Proposed SGS is intended to allow the Group to award Company Shares (“SGS Award(s)”) to selected senior employees of the Group, subject to certain performance conditions as set out in Group’s annual bonus scheme, and as prescribed by the LTIS Committee, in lieu of cash bonus. The above proposal is subject to shareholders approval. 277 ANNUAL REPORT 2020