Static Control Holdings Limited (“Static”), a wholly-owned subsidiary of Ninestar Corporation (“Ninestar”), had on 13 August 2019, entered into a subscription agreement with Jadi Imaging Holdings Berhad (“Jadi”) to subscribe for 94,170,040 new ordinary shares which represent 10% of the total number of issued shares of Jadi (excluding treasury shares) for a cash consideration of RM12,195,381, at an issue price of approximately RM0.13 per share. Jadi is listed on the Main Market of Bursa Malaysia Securities whereas Ninestar is listed on the Shenzhen Stock Exchange with a market capitalisation of RMB22.65 billion.
 
Jadi and Static have also entered into a supply agreement whereby Static, Ninestar or any of its subsidiary companies will purchase a committed tonnage of chemical tonners per annum from Jadi over a period of 3 years commencing 1 April 2020.
 
Skrine acted as Malaysian legal counsel to Ninestar for the transaction. The team comprised corporate partner Addy Herg, and associates, Alex Lian, Tan Wei Liang and Ting Shi Jing.