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PROPOSED EXTENSION OF TIME FOR COMPLETION AND THE PROPOSED EXPANSION OF UTILISATION OF PROCEEDS OF THE PROPOSED RESTRICTED ISSUE OF UP TO TWENTY PERCENT (20%) OF THE COMPANY'S EXISTING ISSUED AND PAID-UP ORDINARY SHARE CAPITAL TO MR SHIH YU-LUNG ("PROPOSED RESTRICTED ISSUE")
On behalf of the Board of Directors of CHHB, Arab-Malaysian Merchant Bank Berhad is pleased to announce that the Company has obtained the approval of the Securities Commission ( SC ) on 9 August 1999 for an extension of time to complete the Proposed Restricted Issue for six (6) months to 28 November 1999 and the proposed expansion of utilisation of the Proposed Restricted Issue as shown in Table 1.
The SCs approval is subject to the following conditions:-
(i) CHHB is required to obtain Bank Negara Malaysias ( BNM ) approval for the proposed utilisation to finance its investment in London Docklands Exhibition Centre ( EXCEL ); and
(ii) Approval of the Companys shareholders in an Extraordinary General Meeting to be held.
The Directors of CHHB are currently considering the abovementioned conditions.
Table 1:
 | RM000 |
| (a) Repayment of loan to Mr Shih Yu-Lung | 100,000 |
| (b) Working capital (including estimated expenses) | 99,190 |
| #199,190 |
# Subject to the issue price of CHHBs ordinary shares to be issued pursuant to the Proposed Restricted Issue. If the total proceeds is greater than the expected amount to be raised, the difference will be applied towards working capital purposes.