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November 28, 2007 |
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TALAM CORPORATION: Submits Regularization Plan Proposals to SC In relation to the Securities Commission's rejection of Talam Corporation Berhad's Proposed Revised Regularization Plan, the company had submitted these proposals: -- revision to Talam's financial forecast and projections to include certain events that occurred subsequent to the application made to the Securities Commission in April 2007, like the additional commercial, office cum residential development project in China to be jointly developed with IJM Properties Sdn Bhd and project management fees in respect of the Canal City Project as well as the lower interest expense to be charged pursuant to Financial Reporting Standard 132 as a result of the lower number of debt securities to be issued pursuant to the Proposed Revised Regularization Plan. All these are expected to contribute positively to the future financial position of Talam and will enable the company to immediately turnaround post restructuring; -- an additional 10% capital reduction resulting in a total capital reduction of 40% and a 10% debt waiver on the amount owed to the creditors who will be receiving debt securities pursuant to the Proposed Regularization Plan, which will substantially reduce the Talam Group's accumulated losses; -- Kumpulan Europlus Berhad has undertaken to retain its controlling interest in Talam; and -- IJM Construction Sdn Bhd has in principle agreed to be appointed as the principal contractor for the remaining stalled projects of the Talam group of companies. Talam is presently finalizing the terms and conditions of the Letter of Award to IJMC in relation to the remaining stalled projects. Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad -- http://www.talam.com.my/ -- is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the group are carried out in Malaysia and China. The Troubled Company Reporter-Asia Pacific reported on Sept. 11, 2006, that based on the Audited Financial Statements of Talam Corporation for the financial year ended January 31, 2006, the Auditors Ernst & Young were unable to express their opinion on the Company's Audited Accounts. As such, the Company is an affected listed issuer of the Amended Practice Note 17 category. In accordance with PN 17, the company is required to submit and implement a plan to regularize its financial condition within eight months from Sept. 1, 2006. |
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