| Type | Announcement |
| Subject | SUBSCRIPTION OF 40,000,000 REDEEMABLE NON-CONVERTIBLE NON-CUMULATIVE PREFERENCE SHARES OF RM0.01 EACH IN THE SHARE CAPITAL OF CONSOLIDATED LEASING (M) SDN BHD AT AN ISSUE PRICE OF RM1.00 PER SHARE |
| Contents | The Board of Directors of MAICA (“Board”) wishes to announce that Malaysia Aica Berhad had on 1 March, 2009 subscribed for 40,000,000 redeemable non-convertible non-cumulative preference shares (“RNCNCPS”) of RM0.01 each in the share capital of its wholly-owned subsidiary, Consolidated Leasing (M) Sdn Bhd (“Conlease”) at an issue price of RM1.00 per RNCNCPS for a cash consideration of RM40,000,000 subject to the Rights and Terms of the RNCNCPS and in accordance with the relevant provisions of the Articles of Association of Conlease. The above subscription of RNCNCPS is in consideration of the capitalization of RM40,000,000 cash advances previously extended by the Company to Conlease. Conlease was incorporated on 29 December, 1976 as a private limited company with an authorized and issued and fully paid-up share capital of RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each respectively. Its principal activity is to provide hire purchase financing. On 1 March, 2009, Conlease increased its authorized share capital from RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each to RM10,000,000 comprising 9,000,000 ordinary shares of RM1.00 each and 100,000,000 RNCNCPS of RM0.01 each to facilitate the issue of the RNCNCPS. The RNCNCPS shall be redeemable in such manner and on such date(s) to be determined by Conlease and in accordance with the provision of its Articles of Association. The subscription is not expected to have any material effect on the net assets and gearing of the Group for the financial year ending 31 March, 2009. The above subscription is not subject to the approval of the shareholders of the Company nor any government authorities. The Board of Directors of the Company does not foresee any risk factors involved in undertaking the above subscription. None of the Directors and/or Major Shareholders of the Company and/or persons connected to them have any interest, direct and/or indirect, in the above subscription. c.c. Securities Commission |
| Company Name | MALAYSIA AICA BERHAD |
| Stock Name | MAICA |
| Date Announced | 2 Mar 2009 |
| Category | General Announcement |
| Reference No | CQ-090123-33004 |