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")

BackMar 31, 2006
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 announcement on 27 July 2005 in relation to the approval of the Securities Commission (“SC”) for 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 and the quarterly report released by MAICA on 23 February 2006 detailing, amongst others, status of the utilisation of Proceeds as at 31 December 2005.


On behalf of MAICA, we wish to announce that MAICA had on 13 March 2006, made an application to the SC for an extension of time to 31 March 2007 for MAICA and its subsidiaries to utilise the balance of the Proceeds to finance its operating activities. The decision of the SC is currently pending.

(This announcement is dated 31 March 2006)

 

Announcement Info

Company Name MALAYSIA AICA BERHAD  
Stock Name MAICA    
Date Announced 31 Mar 2006  
Category General Announcement
Reference No MM-060331-53441