Contents :
(I) PROPOSED RESTRICTED ISSUE OF UP TO 30,000,000 NEW ORDINARY SHARES OF RM0.50 EACH IN MAICA ("MAICA SHARES") AT AN ISSUE PRICE OF RM1.02 PER SHARE FOR CASH ("PROPOSED RESTRICTED ISSUE");
(II) PROPOSED ACQUISITION OF 2,000,000 ORDINARY SHARES OF RM1.00 EACH IN HYRAX OIL SDN BHD ("HYRAX"), REPRESENTING THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF HYRAX AT A TOTAL PURCHASE CONSIDERATION OF RM50,000,000 TO BE SATISFIED BY THE ISSUE OF 50,000,000 NEW MAICA SHARES AT AN ISSUE PRICE OF RM1.00 PER SHARE ("PROPOSED ACQUISITION");
(III) PROPOSED SHARE SPLIT INVOLVING THE SUBDIVISION INTO FIVE (5) NEW ORDINARY SHARES OF RM0.10 EACH IN MAICA FOR EVERY ONE (1) EXISTING MAICA SHARE HELD AFTER THE PROPOSED RESTRICTED ISSUE AND PROPOSED ACQUISITION;
(IV) PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL OF MAICA; AND
(V) PROPOSED AMENDMENTS TO THE MEMORANDUM OF ASSOCIATION OF MAICA
(HEREINAFTER COLLECTIVELY REFERRED TO AS THE "PROPOSALS") We refer to the announcements made on behalf of MAICA on 14 January 2004, 9 July 2004, 25 August 2004 and 25 October 2004 in relation to the Proposals. The Securities Commission (“SC”) has in its evaluation of the Proposals requested for, inter-alia, the profit estimate and projections of Hyrax for the financial years ending 31 December 2004 to 2007 in addition to the information submitted to the SC in the Company's application for the Proposals dated 13 September 2004. In addition, MAICA has also commenced an update of its profit and cashflow forecast for the financial year ending 31 March 2005 after an assessment of its financial position subsequent to the application for the Proposals to the SC. Accordingly, MAICA has informed the SC of the expected date of submission of the above requested information. On behalf of MAICA, Commerce International Merchant Bankers Berhad (“CIMB”) wishes to announce that the SC has in its letter dated 17 December 2004, which was received on 20 December 2004, informed the Company that the SC has taken into consideration that MAICA and Hyrax are currently in the process of reviewing and preparing the profit and cashflow estimates and projections of the respective companies, and will only be able to provide the above information to the SC after being reviewed by the auditors. The Company is also required to update the information in the application in view of the above. Premised on this, the SC has requested MAICA to re-submit a comprehensive/thorough application for the Proposals for the SC’s consideration. Accordingly, MAICA’s application to the SC for the Proposals dated 13 September 2004 has been returned on 20 December 2004 for MAICA’s further action. On behalf of MAICA, CIMB wishes to announce that the Company will be submitting a revised and updated application for the Proposals to the SC in due course. (This announcement is dated 22 December 2004).