EXTENSION OF TIME TO UTILISE PART OF THE PROCEEDS FROM THE 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")

BackMay 18, 2006
Type Announcement
Subject MALAYSIA AICA BERHAD (“MAICA”)

EXTENSION OF TIME TO UTILISE PART OF THE PROCEEDS FROM THE 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 31 March 2006.


On behalf of MAICA, we wish to announce that the Securities Commission has on 16 May 2006, approved an extension of time to 31 March 2007 for MAICA and its subsidiaries to utilise the balance of the proceeds from the Disposals amounting to RM5.936 million to finance its operating activities.

(This announcement is dated 18 May 2006)

 

Announcement Info

Company Name MALAYSIA AICA BERHAD  
Stock Name MAICA    
Date Announced 18 May 2006  
Category General Announcement
Reference No MM-060518-58771