| Type | Announcement |
| Subject | MALAYSIA AICA BERHAD (“MAICA” OR “COMPANY”) - SUBSCRIPTION OF 16,800,000 REDEEMABLE NON-CONVERTIBLE NON-CUMULATIVE PREFERENCE SHARES OF RM0.01 EACH IN THE SHARE CAPITAL OF MAICA WOOD INDUSTRIES 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 20 September 2010 subscribed for 16,800,000 redeemable non-convertible non-cumulative preference shares (“RNCNCPS”) of RM0.01 each in the share capital of its subsidiary, Maica Wood Industries Sdn Bhd (“MWI”) at an issue price of RM1.00 per RNCNCPS for a cash consideration of RM16,800,000 subject to the Rights and Terms of the RNCNCPS and in accordance with the relevant provisions of the Articles of Association of MWI. MWI was incorporated on 27 December 1979 as a private limited company with an authorized and issued and fully paid-up share capital of RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00 each respectively. MWI had ceased its operations since year 2006. On 20 September 2010, MWI increased its authorized share capital from RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00 each to RM50,000,000 comprising 47,000,000 ordinary shares of RM1.00 each and 300,000,000 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 MWI 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 2011. 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. |
| Company Name | MALAYSIA AICA BERHAD |
| Stock Name | MAICA |
| Date Announced | 21 Sept 2010 |
| Category | General Announcement |
| Reference No | CQ-100702-43387 |