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January 7, 2008 |
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PAN MALAYSIAN: Implements Proposed Capital Reconstruction Pursuant to the Amended Practice Note 17/2005 of the Listing Requirements of Bursa Malaysia Securities Berhad, Pan Malaysian Industries Berhad implements its Proposed Capital Reconstruction consisting of: (i) the reduction of share capital pursuant to Section 64(1) of the Companies Act 1965 involving the reduction of the par value of each existing ordinary share of Pan Malaysian Industries Berhad from MYR0.50 to MYR0.05 via the cancellation of MYR0.45 of the par value of each existing ordinary share of MYR0.50 each in issue (Par value reduction); (ii) the consolidation of two ordinary shares of MYR0.05 each (after the par value reduction) into one ordinary share of MYR0.10 each in Pan Malaysian Industries resulting in the revision in the number of shares from 2,479,324,224 ordinary shares of MYR0.05 each amounting to MYR123,966,211 to 1,239,662,112 ordinary shares of MYR0.10 each amounting to MYR123,966,211 (share consolidation); (iii) reduction of the share premium account of Pan Malaysian Industries Berhad. In connection to the Capital Reconstruction and Share Consolidation undertaken by the Company as a SPEEDS Corporate Exercise, the Bourse stressed that: (a) on or after the ex-date Jan. 3, 2008, trading of the Company's shares will be based on the newly adjusted share after the Capital Reduction and Share Consolidation of its shares; and (b) on the basis of settlement taking place on or after Jan. 8, 2008, with consolidated Pan Malaysian shares of MYR0.10 each, any entitled shareholder who owns Pan Malaysian shares as at ex-date may sell only up to the maximum Pan Malaysian shares he expects to receive after the Capital Reduction and Share Consolidation. With the adjustments pursuant to the Capital Reduction and Share Consolidation effected on PMI shareholders’ CDS account at the end of the Books Closure Date, which is from Jan. 3, 2008 until Jan. 7, 2008, an entitled shareholder may use the following basis to estimate the maximum number of PMI shares that he may sell: Number of PMI Shares that maybe = Numbers of Shares held x 0.5 sold on Jan. 3 until Jan. 7, 2008 In addition, the Company told all participating organizations to caution all dealers and remisiers that they are only entitled to sell maximum of 50% of shares owned and were advised to take note on the adjustments to PMI warrants which will take effect on the same date. Pan Malaysian Industries Berhad is an investment holding company. The Company operates through two business segments: Retailing and Property and investment holding. The company is an Affected Listed Issuer pursuant to PN17 of the Boursa Malaysia as it has a deficit in its unaudited adjusted shareholders' equity on a consolidated basis of MYR17.55 million as of December 31, 2005, computed on the basis stated in PN17. The said deficit in the company's unaudited shareholders' equity on a consolidated basis was mainly due to the net loss of the PMI Group of MYR163.13 million for the unaudited nine month financial period ended December 31, 2005 due mainly to the sharing of losses of associated companies which comprised substantially of impairment losses. |
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