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On 21 May 1999, Arab-Malaysian Merchant Bank (Arab-Malaysian) had, on behalf of the Board of Directors of OSK, announced the following:
(i) Bonus Issue of up to 129,600,000 new ordinary shares of RM1.00 each (Shares) on the basis of one (1) new Share for every three (3) existing Shares held (Proposed Bonus Issue); and
(ii) Rights Issue of:
(a) up to RM129,600,000 nominal amount of 6% Irredeemable Convertible Unsecured Loan Stock 2000/2005 (ICULS) at 100% nominal amount of ICULS; and
(b) up to RM129,600,000 nominal amount of 3.5% nominal amount of Redeemable Unsecured Bonds 2000/2005 (RUB) at 100% nominal amount of RUB.
with up to 129,600,000 detachable Warrant B on the basis of RM1.00 nominal amount of ICULS and RM1.00 nominal amount of RUB with one (1) Warrant B for every three (3) existing ordinary shares held in OSK prior to the Proposed Bonus Issue. (Proposed Rights Issue of ICULS and RUB with Warrant B);
(collectively referred to as the Proposals)
The quantum of the Proposals has been revised to comprise up to 137,670,000 Bonus Shares, up to RM137,670,000 nominal amounts of ICULS and up to RM137,670,000 nominal amount of RUB, as well as up to 137,670,000 Warrant B. The basis of the Proposed Bonus Issue and Proposed Rights Issue of ICULS and RUB with Warrant B remains unchanged. This is to accommodate for any potential ESOS options that the Company may decide to offer to its employees in the future prior to the entitlement date of the Proposals.