General Announcement

08/06/2001

Announcement to the Kuala Lumpur Stock Exchange ("KLSE") by Malaysian International Merchant Bankers Berhad ("MIMB"), on behalf of K&N Kenanga Holdings Berhad ("K&N" or "Company"), in relation to the following:- - Proposed merger of the stockbroking and futures businesses of K&N and CMS Capital Sdn Bhd through the acquisitions by K&N of the entire issued and paid-up capital of Sarawak Securities Sdn Bhd ("SSSB") and Sarawak Securities Futures Sdn Bhd ("SSFSB") ("Proposed Merger") - Proposed acquisition by K&N Kenanga Bhd ("KNK"), a wholly-owned subsidiary of K&N, of the entire issued and paid-up share capital of Peninsula Securities Sdn Bhd ("PSSB") ("Proposed Acquisition")

K & N KENANGA HOLDINGS BERHAD

TypeAnnouncement
SubjectAnnouncement to the Kuala Lumpur Stock Exchange ("KLSE") by Malaysian
International Merchant Bankers Berhad ("MIMB"), on behalf of K&N Kenanga
Holdings Berhad ("K&N" or "Company"), in relation to the following:-

- Proposed merger of the stockbroking and futures businesses of K&N and
CMS Capital Sdn Bhd through the acquisitions by K&N of the entire issued
and paid-up capital of Sarawak Securities Sdn Bhd ("SSSB") and Sarawak
Securities Futures Sdn Bhd ("SSFSB") ("Proposed Merger")

- Proposed acquisition by K&N Kenanga Bhd ("KNK"), a wholly-owned
subsidiary of K&N, of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd ("PSSB") ("Proposed Acquisition")

Contents :



1. Further to the announcement of the Company dated 26 December 2000, MIMB is pleased to announce, on behalf of the Board of Directors of K&N, that the Company has received the approval of :-
      (a) The Market Supervision Division ("MSD") of the Securities Commission ("SC") in relation to the following, as proposed by the Company:-
          (i) Proposed Merger;

          (ii) Proposed Acquisition; and

          (iii) proposed conversion of the stockbroking business of SSSB (including its branch operation in Miri) and PSSB into branch offices of KNK ("Proposed Conversion"),

          collectively referred to as the Proposals.
          (iv) for the proposed acquisitions of SSSB and PSSB pursuant to Rule 2.4.1(1) of the
          Rules of KLSE.
      (b) The Foreign Investment Committee for the Proposed Merger and Proposed Acquisition.

2. The approval of the MSD of the SC for the Proposals is subject to, amongst others, the following conditions:-
      (a) The proposed acquisition of SSFSB is subject to the approval from the Kuala Lumpur Options & Financial Futures Exchange Bhd (KLOFFE) pursuant to Rule 307.1 of the Business Rules of KLOFFE. The approval from KLOFFE was obtained on 13 April 2001.

      (b) The Proposed Conversion is required to be made within six (6) months from the date of the said approval of the MSD of SC.

      (c) K&N shall submit to the SC its detailed plan for the merger of Kenanga Deutsche Futures Sdn Bhd with SSFSB.
      (d) KNK shall ensure that Section 28A of the Securities Industry Act 1983 is duly complied with before the dealers licences of SSSB and PSSB are surrendered to the SC.
      (e) The readiness of KNK to operate branch offices in Kuching, Miri and Johor Bahru shall be subject to readiness audit by the KLSE.

      (f) K&N and KNK shall comply with the Policy Framework for Stockbroking Industry Consolidation and any guidelines and directives issued in relation thereto.

(g) Receipt of approval of other relevant authorities.


For and on behalf of
K&N Kenanga Holdings Berhad


MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD

This announcement is dated 8 June 2001

c.c Issues and Investment Division
Securities Commission
(Attn. : Mr Wong Wing Seong, Director)

Announcement Info

Company NameK & N KENANGA HOLDINGS BERHAD  
Stock Name KENANGA
Date Announced8 Jun 2001  
CategoryGeneral Announcement
Reference NoMM-010607-60351

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