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March 5, 2008 |
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MANGIUM INDUSTRIES: Bursa Grants Until May 26 to Submit Plan The Bursa Malaysia Securities Berhad had given Mangium Industries Bhd. a time extension of three months or until May 26, 2008, to submit its regularization plan to the Securities Commission and other relevant authorities. In the event the company submits its regularization plans to the Approving Authorities within May 26, Bursa Securities will await the outcome of the company's submission. But in the event that the company fails to obtain the approval and appeals against the decision of the Approving Authorities, Bursa Securities will await the outcome of the company's appeal. Moreover, the company's securities will be de-listed from the Official List of Bursa Securities in the event: (i) Mangium fails to obtain approval from the Securities Commission in relation to the proposed disposal of a 100% equity in Mangium Plantations Sdn. Bhd. by Feb. 29, 2008; (ii) the company fails to submit the regularization plans to the Approving Authorities for approval within May 26; (iii) the company fails to obtain the approval necessary for the implementation of its regularization plans and does not appeal to the Approving Authorities within the timeframe; (iv) the company does not succeed in its appeal against the decision of the Approving Authorities; or (v) Mangium fails to implements its regularization plans within the timeframe or extended timeframes stipulated by the Approving Authorities. Mangium Industries Berhad's principal activities are the manufacture and trade of timber and timber related products. Other activities include provision of printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture, operation and development of the plantation and investment holding. Operations of the Group are carried out in Malaysia. The TCR-AP reported on May 25, 2007, that Mangium Industries, on May 22, became an affected listed issuer pursuant to the provisions of Amended Practice Note 17/2005, as its shareholders' equity on consolidated basis is less than 25% of its issued and paid-up capital. As an affected listed issuer, Mangium is required to formulate and implement a plan to regularize its financial condition within a timeframe stipulated by relevant authorities. |
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