General Announcement for PLC
07/01/2022PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN
COMINTEL CORPORATION BHD |
Type | Announcement |
Subject | PRACTICE NOTE 17 / GUIDANCE NOTE 3 REGULARISATION PLAN |
Description | COMINTEL CORPORATION BHD ("COMCORP" OR "COMPANY") PROPOSED REGULARISATION PLAN COMPRISING: I. PROPOSED SHARE CAPITAL REDUCTION; II. PROPOSED PRIVATE PLACEMENT; III. PROPOSED ISSUANCE OF RCPS; IV. PROPOSED AMENDMENTS; AND V. PROPOSED ACCEPTANCE OF CONTRACT (COLLECTIVELY REFERRED TO AS THE "PROPOSED REGULARISATION PLAN") |
On behalf of the Board of Directors of Comcorp (“Board”), Public Investment Bank Berhad (“PIVB”) wishes to announce that the Company proposes to undertake the following proposals to regularise its financial condition in accordance with Paragraph 8.04(3) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad: (i) proposed reduction of the issued share capital of Comcorp pursuant to Section 116 of the Companies Act 2016 (“Proposed Share Capital Reduction”); (ii) proposed private placement of 242,500,000 new ordinary shares in Comcorp (“Comcorp Share(s)”) (“Placement Share(s)”), representing approximately 63.40% of the enlarged number of issued shares of Comcorp at an issue price of RM0.08 per Placement Share (“Proposed Private Placement”); (iii) proposed issuance of 70,000,000 new redeemable convertible preference shares (“RCPS”) in Comcorp at an issue price of RM0.08 per RCPS (“Proposed Issuance of RCPS”); (iv) proposed amendments to the Constitution of Comcorp to facilitate the Proposed Issuance of RCPS (“Proposed Amendments”); and (v) proposed acceptance of the contract awarded by Mightyprop Sdn Bhd for the construction and completion of main building works and infrastructure works for a development project for a contract sum of RM188.77 million (“Proposed Acceptance of Contract”). (collectively referred to as the “Proposed Regularisation Plan”) Please refer to the attachment for further details on the Proposed Regularisation Plan.
This announcement is dated 7 January 2022. |
Please refer attachment below.
Attachments |
Announcement Info
Company Name | COMINTEL CORPORATION BHD |
Stock Name | COMCORP |
Date Announced | 07 Jan 2022 |
Category | General Announcement for PLC |
Reference Number | GA1-07012022-00040 |