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Details of Announcement
General Announcement |
Reference No C&-041228-E1D0D |
Company Name |
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KIA LIM BERHAD |
Stock Name |
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KIALIM |
Date Announced |
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28/12/2004 |
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Type |
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Announcement |
Subject |
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SYARIKAT KIA LIM KILANG BATU BATA SDN. BHD.
~ RENUNCIATION AGREEMENT WITH BHR ENTERPRISE SDN. BHD. AND WANGNAS (M) SDN. BHD. |
Contents :
The Board of Kia Lim Berhad ("KLB") wishes to announce that its wholly-owned subsidiary, Syarikat Kia Lim Kilang Batu Bata Sdn. Bhd. ("SKL"), a shareholder of Syarikat Kayu Wangi Berhad ("SKW") holding 4.55%, has entered into a Renunciation Agreement with BHR Enterprise Sdn. Bhd. ("BHR") and Wangnas (M) Sdn. Bhd. ("Wangnas") on 28 December 2004. SKL renounces its rights in favour of Wangnas under SKW's renounceable two call rights issue of up to Twenty Six Million Twelve Thousand Two Hundred and Eighty One (26,012,281) new ordinary shares of Ringgit Malaysia One (RM1.00) each together with Thirteen Million Six Thousand One Hundred and Forty (13,006,140) free detachable warrants at an issue price of RM1.00 per rights share, of which the first call of RM0.70 per rights share shall be payable in cash upon acceptance, whilst the second call of RM0.30 per rights share shall be capitalised from SKW's revaluation reserve and/or share premium account, on the basis of two (2) rights shares with one (1) free warrant for every two (2) existing ordinary shares held.
RATIONALE OF PROPOSAL
- To concentrate on the core business of KLB Group.
EFFECTS OF PROPOSAL
1. Share capital
No effect on the issued and paid up capital share capital of KLB Group.
2. Earning and NTA
No material effect on the earning and NTA of the KLB Group.
DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and major shareholders of KLB Group and persons connected to them have any interests, direct or indirect, with Wangnas.
STATEMENT BY THE DIRECTORS
The Board, after careful deliberation, is of the opinion that the proposal is in the best interest of KLB Group. |
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