DISPOSALS BY MAICA OF:· 19,000,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING 100% EQUITY INTEREST IN MAICA LAMINATES SDN BHD; AND· 2,393,479 ORDINARY SHARES OF RM1.00 EACH REPRESENTING MAICA'S ENTIRE 52.5% EQUITY INTEREST IN MAICA CORPORATION SDN BHDFOR A TOTAL CASH CONSIDERATION OF RM41,344,047 ("DISPOSALS")
| Type | Announcement |
| Subject | MALAYSIA AICA BERHAD (“MAICA”) DISPOSALS BY MAICA OF: · 19,000,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING 100% EQUITY INTEREST IN MAICA LAMINATES SDN BHD; AND · 2,393,479 ORDINARY SHARES OF RM1.00 EACH REPRESENTING MAICA’S ENTIRE 52.5% EQUITY INTEREST IN MAICA CORPORATION SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM41,344,047 (“DISPOSALS”) |
Contents :
We refer to the conditional approval by the Securities Commission (“SC”) on 27 August 1998 for the Disposals. The SC’s approval is subject to, amongst others, the following:
(i) the proceeds from the Disposals are to be deposited in fixed deposit account(s) with major locally-owned financial institution(s); and
(ii) MAICA is required to seek the approval of the SC for any change in the utilisation of the proceeds, which has been placed in the above mentioned fixed deposit account(s).
On behalf of MAICA, Commerce International Merchant Bankers Berhad wishes to announce that MAICA had on 17 March 2005, made an application to the SC to utilise the proceeds from the Disposals for the working capital requirement of MAICA and its subsidiaries (“Group”).
The SC has in its letter dated 20 July 2005, which was received on 26 July 2005, approved the proposed utilisation of part of the proceeds from the Disposals amounting to RM10.576 million (“Proceeds”) for the financial year ending 31 March 2006, as set out in Table 1.
(ii) MAICA is required to disclose the details of the proposed utilisation of Proceeds in an announcement to Bursa Malaysia Securities Berhad;
(iii) MAICA is required to disclose the status of the utilisation of Proceeds in its quarterly and annual reports until the Proceeds have been fully utilised; and
(iv) MAICA is required to seek the approval of the SC for any change to the utilisation of Proceeds.
MAICA is required to continue to place the balance of the proceeds from the Disposals in fixed deposit account(s) with financial institution(s).
(This announcement is dated 27 July 2005)
Table 1 - Proposed utilisation of the Proceeds by the Group for the financial year ending 31 March 2006
Announcement Info
| Company Name | MALAYSIA AICA BERHAD |
| Stock Name | MAICA |
| Date Announced | 27 Jul 2005 |
| Category | General Announcement |
| Reference No | MM-050727-54075 |