Megan Holdings Ltd F-1/A, filed Mar 5, 2025
Megan Holdings Ltd. (MGN)
As filed with the Securities and Exchange Commission on March 5, 2025.
Registration No. 333-281357
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Amendment No. 7 to
FORM F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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MEGAN HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)
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Cayman Islands |
0273 |
Not Applicable |
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(State or other jurisdiction of |
(Primary Standard Industrial |
(IRS. Employer |
B-01-07, Gateway Corporate Suites
Gateway Kiaramas
No.1, Jalan Desa Kiara
50480 Mont Kiara
Kuala Lumpur, Malaysia
+60 3 6420 1071
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
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Cogency Global Inc.
122 East 42nd Street, 18th Floor
New York, NY 10168
(212) 947-7200
(Name, address, including zip code, and telephone number, including area code, of agent for service)
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With a Copy to: |
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William S. Rosenstadt, Esq. |
Angela Dowd, Esq. |
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Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
This Amendment No. 7 to Form F-1 (Amendment No. 7) is being filed solely for the purpose of filing Exhibit 5.1, to this registration statement on Form F-1 (File No. 333-281357), or the Registration Statement, and to amend and restate the exhibit index set forth in Part II of the Registration Statement. No changes have been made to the Registration Statement other than this explanatory note as well as revised versions of the cover page and exhibit index of the Registration Statement. This Amendment No. 7 does not contain copies of the public offering prospectus included in the Registration Statement, which remains unchanged from Amendment No. 6 to the Registration Statement filed on February 20, 2025. This Amendment No. 7 consists only of the cover page, this explanatory note, the signature pages to the Registration Statement, the exhibit index and the filed exhibit.
EXHIBIT INDEX
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† Previously filed
* Filed herewith
II-1
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Malaysia, on March 5, 2025.
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MEGAN HOLDINGS LIMITED |
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By: |
/s/ Hoo Wei Sern |
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Name: |
Hoo Wei Sern |
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Title: |
Executive Director, Chairman and |
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By: |
/s/ Kai Tie Ng |
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Name: |
Kai Tie Ng |
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Title: |
Chief Financial Officer |
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Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
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Date: |
March 5, 2025 |
/s/ Darren Hoo |
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Darren Hoo Executive Director, Chairman and |
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Date: |
March 5, 2025 |
/s/ Kai Tie Ng |
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Kai Tie Ng |
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Chief Financial Officer |
II-2
SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in New York, New York, United States of America on March 5, 2025.
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AUTHORIZED U.S. REPRESENTATIVE |
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By: |
/s/ Colleen A. De Vries |
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Name: |
Colleen A. De Vries |
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Title: |
Senior Vice-President on behalf of Cogency Global Inc. |
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II-3
Exhibit 5.1
Forbes Hare
Cassia Court
Camana Bay
Suite 716, 10 Market Street
Grand Cayman KY1-9006
Cayman Islands
DD: +1 284 852 1899 E: Jose.santos@forbeshare.com Our Ref: MHL/SG4218.001 Your Ref: SG4218.001 |
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Megan Holdings Limited
c/o Vistra (Cayman) Limited
P.O. Box 31119
Grand Pavilion
Hibiscus Way
802 West Bay Road
Grand Cayman KY1-1205
Cayman Islands
05 March 2025
Dear Sirs
Megan Holdings Limited (the “Company”)
We are lawyers licensed and qualified to practice law in the Cayman Islands. We have acted as special Cayman Islands counsel to the Company to provide this legal opinion in connection with the Company's Registration Statement on Form F-1, including all amendments or supplements thereto (with the version thereof having been received by us on 20 February 2025 being deemed to be the final version for the purposes of the issue of this opinion, the "Registration Statement"), filed with the Securities and Exchange Commission (the "Commission") under the United States Securities Act of 1933, as amended, related to the offering and sale of 2,500,000 ordinary shares of US$0.0001 par value in the Company (the “Firm Shares”) and up to 375,000 ordinary shares to the underwriter pursuant to an option to purchase up to 15% of the total number of the Firm Shares to cover over-allotments, if any (the “Over-allotment Shares”, the Over-allotment Shares together with the Firm Shares, collectively, the “Shares”).
| 1. | Documents Reviewed and Searches |
We have reviewed originals, copies or drafts of the following documents and have examined such other documents and considered such legal matters as we have deemed necessary for the purpose of rendering this legal opinion:
| 1.1 | For the purposes of giving this opinion, we have examined the corporate and other documents (the “Documents”) and conducted the searches (the “Searches”) listed below. We have not made any searches or enquiries concerning, and have not examined any documents entered into by or affecting the Company or any other person, save for the searches, enquiries and examinations expressly referred to herein: |
| 1.1.1 | the Certificate of Incorporation of the Company dated 7 December 2022 issued by the registrar of Companies of the Cayman Islands (the “Registrar”); |
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| 1.1.2 | the stamped copy of the Company’s amended and restated Memorandum and Articles of Association dated 8 January 2024; |
| 1.1.3 | an unsigned draft certificate of incumbency received by us on 3 March 2025 from the registered office of the Company, Vistra (Cayman) Limited and stating that the Company is in Good Standing in the Cayman Islands (the “Incumbency Certificate”); |
| 1.1.4 | the director resolutions provided to us by the registered office of the Company (the “Registered Office”) dated 7 December 2022, 30 October 2023 and 31 July 2024; |
| 1.1.5 | the resolutions of the shareholders of the Company dated 7 December 2022 and 8 January 2024; |
| 1.1.6 | the Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on 27 February 2025 (the “Register of Writs”); and |
| 1.1.7 | the Registration Statement. |
| 2 | Assumptions |
In giving this opinion we have assumed, without further verification, the completeness and accuracy of the Documents and Searches and that the information contained therein or resulting therefrom remains accurate and complete as at the date of this opinion. We have also relied upon the following assumptions, which we have not independently verified:
| 2.1 | copies of the Documents, conformed copies or drafts of the Documents provided to us are true and complete copies of, or in the final forms of, the originals; |
| 2.2 | all signatures, seals, dates, stamps and other markings are genuine; |
| 2.3 | the Incumbency Certificate in the form provided to us as stated above in paragraph 1.1.3 is the form that Vistra (Cayman) Limited will sign and issue without amendment and that the issue of this Incumbency Certificate by Vistra (Cayman) Limited shall occur within ten days from the date of this opinion; |
| 2.4 | the statement in the Incumbency Certificate that the Company is in Good Standing accurately reflects the good standing status of the Company with the Registrar as at the date of this opinion; |
| 2.5 | the accuracy and completeness of all factual representations expressed in or implied by the Documents we have examined; |
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| 2.6 | each of the Certificate of Incumbency and the Register of Writs is accurate and complete as at the date of this opinion; |
| 2.7 | that all public records of the Company which we have examined are accurate and that the information disclosed by the Searches which we conducted against the Company is true and complete and that such information has not since then been altered and that such Searches did not fail to disclose any information relevant to the issuing of this opinion; |
| 2.8 | that we have been provided a full and complete record of the corporate documents constituting the minute book of the Company which is relevant to the issuing of this opinion and that such record remains accurate as at the date of issue of this opinion; |
| 2.9 | where any Document has been provided to us in draft or undated form, that Document has been executed by all parties in materially the form provided to us and, where we have been provided with successive drafts of a Document marked to show changes from a previous draft, all such changes have been accurately marked; |
| 2.10 | each of the parties to the Documents (as appropriate) other than the Company is duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws as at the date of issue of this opinion; |
| 2.11 | each Document has been duly authorised, executed and unconditionally delivered by or on behalf of all parties to it in accordance each Document (as appropriate) has been duly authorised, executed and unconditionally delivered by or on behalf of all parties to it in accordance with applicable law and its terms; |
| 2.12 | in authorising the execution and delivery of the Documents (as appropriate) by the Company, the exercise of its rights and performance of its obligations under the Documents, each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her; |
| 2.13 | each Document (as appropriate) has been duly executed and unconditionally delivered by the Company in the manner authorised in the relevant Director resolutions (the “Director Resolutions”) and that such Director Resolutions have been validly approved; |
| 2.14 | none of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence: (a) the laws or public policies of any jurisdiction other than the Cayman Islands will not adversely affect the capacity or authority; and (b) neither the execution or delivery of the Documents nor the exercise by any party to the Documents of its rights or the performance; |
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| 2.15 | there are no agreements, documents or arrangements (other than the documents expressly referred to in this opinion as having been examined by us) that materially affect or modify the Documents or the transactions contemplated by them or restrict the powers and authority of the Company in any way; |
| 2.16 | none of the transactions contemplated by the Documents relate to any shares, voting rights or other rights that are subject to a restrictions notice issued pursuant to the Companies Act (as amended) of the Cayman Islands (the “Act”); |
| 2.17 | the Shares shall be issued at an issue price in excess of the par value thereof; and |
| 2.18 | there is nothing under any law (other than the law of the Cayman Islands) which would or might affect the opinions hereinafter appearing. Specifically, we have made no independent investigation of the laws of Malaysia or the United States of America. |
| 3 | Opinion |
Based upon, and subject to, the foregoing assumptions and the qualifications set out in section 4 below, and having regard to such legal considerations as we consider relevant, we are of the opinion that:
| 3.1 | the Company is an exempted company limited by shares and incorporated under the Act, in good standing with the Registrar at the Register of Companies in the Cayman Islands and validly existing under the laws of the Cayman Islands, and possesses the capacity to sue and be sued in its own name; |
| 3.2 | the Company is authorised to issue 500,000,000 shares of a nominal or par value US$0.0001 each; |
| 3.3 | the Shares to be offered and sold by the Company as contemplated by the Registration Statement when issued by the Company against payment in full, of the consideration, in accordance with the terms set out in the Registration Statement and duly registered in the Company’s register of members (shareholders), such Shares will be validly issued, fully paid and non-assessable (meaning that no further sums are payable to the Company on such securities); |
| 3.4 | the statement in the Registration Statement under the caption “Cayman Islands Taxation” in so far as it constitutes a summary or description of the laws and regulations of the Cayman Islands is accurate and fairly presents a summary of Cayman Islands law. To the extent that the discussion relates to matters of Cayman Islands tax law under the “Taxation Section” in the Registration Statement, it represents our opinion; and |
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| 3.5 | the statement in the Registration Statement under the caption “Enforceability of Civil Liabilities” in so far as it constitutes a summary or description of the laws and regulations of the Cayman Islands is accurate and fairly presents a summary of Cayman Islands law. To the extent that the discussion relates to matters of Cayman Islands laws or treaties under the “Enforceability of Civil Liabilities” Section in the Registration Statement, it represents our opinion. |
| 4 | Qualifications |
The opinions expressed above are subject to the following qualifications:
| 4.1 | under the Act annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition; |
| 4.2 | “in good standing” means only that as of the date of receipt of the Incumbency Certificate by ourselves as provided for in paragraph 1.1.3 above (and subject to assumption 2.4 above) the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company’s good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the filing of its annual returns and payment of annual fees with the Registrar; |
| 4.3 | we are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Act and English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; (c) the company being incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder’s fraud, or for a sham transaction otherwise carried out by such shareholder; |
| 4.4 | we have not reviewed a good standing certificate issued by the Registrar in relation to the good standing status of the Company confirming that the Company is in good standing with the Registrar and have relied solely on the statement to this effect in the Incumbency Certificate (which Incumbency Certificate we have deemed final, complete and accurate) for the purposes of issuing this opinion; |
| 4.5 | in this opinion, the phrase “non-assessable” means, with respect to the Shares in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil); |
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| 4.6 | our examination of the Register of Writs cannot conclusively reveal whether or not there is: (a) any current or pending litigation in the Cayman Islands against the Company; or (b) any application for the winding up or dissolution of the Company or the appointment of any liquidator or trustee in bankruptcy as notice of these matters might not be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court; |
| 4.7 | the obligations of the Company may be subject to restrictions pursuant to United Nations sanctions as implemented under the laws of the Cayman Islands; |
| 4.8 | under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in opinion 3.3, there are no circumstances or matters of fact known to us on the date of this opinion which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Shares, then the validity of such Shares may be subject to re-examination by a Cayman Islands court. |
| 4.9 | we make no comment with regard to any references to foreign statutes in the Registration Statement; and |
| 4.10 | this opinion is given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion. This opinion only relates to the laws of the Cayman Islands which are in force on the date of this opinion. |
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| 5 | Consents |
In connection with the above opinion, we hereby consent:
| 5.1 | to the use of our name in the Registration Statement, the prospectus constituting a part thereof and all amendments thereto under the caption “Legal Matters”, “Taxation”, and “Enforceability of Civil Liabilities”; and |
| 5.2 | to the filing of this opinion as an exhibit to the Registration Statement. |
This opinion is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.
| Yours faithfully | |
| /s/ Forbes Hare | |
| Forbes Hare |
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