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 (Amended Announcement)

BackSep 28, 2010

Amended Announcements
Please refer to the earlier announcement reference number: CQ-100702-43387


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 We refer to our announcement on 21 September 2010 and wish to inform that the date of subscription of the preference shares by Maica and the date of increase of authorised share capital of Maica Wood Industries Sdn Bhd was 27 September 2010 and not 20 September 2010 as announced. We apologise for the inadvertent error therein. Save for the date, the other details remain unchanged.

For clarity, we reprint hereunder the entire announcement with the correct date :

"The Board of Directors of MAICA (“Board”) wishes to announce that Malaysia Aica Berhad had on 27 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 27 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."

 


Announcement Info

Company Name MALAYSIA AICA BERHAD  
Stock Name MAICA    
Date Announced 28 Sept 2010  
Category General Announcement
Reference No CQ-100927-59535