Pioneer Sdn Bhd is a holding company of two subsidiaries, namely Ryzen Sdn Bhd and Panther

Sdn Bhd.

On January 2017, Sherman Sdn Bhd intended to purchase the shares owned by Pioneer Sdn

Bhd in Ryzen Sdn Bhd. Consequently, Sherman Sdn Bhd managed to obtain a loan from The

Fortune Bank for financing the purchase. The Fortune Bank requires a security and Sherman

Sdn Bhd had proposed to the board of directors of Pioneer Sdn Bhd that the security would be

provided by Panther Bhd.

On August 2018, Pioneer Sdn Bhd had passed a board resolution to waive the unpaid amount

owed by a shareholder for the shares issued by Pioneer Sdn Bhd to the shareholders in 2016.

These shares are then registered as fully paid up in the register of members and shareholding.

On July 2019, the board of Pioneer Sdn Bhd had also received an offer for its shares from Bless

Sdn Bhd. Both companies agreed that Bless Sdn Bhd will apply for a loan in order to purchase

the shares and the directors of Pioneer Sdn Bhd undertake to become the guarantors for the

loan.

On March 2020, Pioneer Sdn Bhd had issued shares to some of its employees who have

exercised their right under an employee share scheme established in 2017. These shares were

issued at a fixed price of RM2.00 per shares when the market price for the shares is RM5.00.

Explain whether the above are financial assistance under the Companies Act 2016.