General Announcement

21/10/1999

O.S.K. HOLDINGS BERHAD (207075-U) ("OSK" or the "Company") (I) Proposed Bonus Issue; and (II)Proposed Rights Issue of ICULS and Bonds with Warrant B

O.S.K. HOLDINGS BERHAD

Type

Announcement
SubjectO.S.K. HOLDINGS BERHAD (207075-U) ("OSK" or the "Company")
(I) Proposed Bonus Issue; and
(II)Proposed Rights Issue of ICULS and Bonds with Warrant B

Contents :

1. INTRODUCTION

      Further to our announcement dated 21 May 1999, Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf of the Company is pleased to announce that the Securities Commission (SC), vide its letter dated 18 October 1999, has approved the following as proposed:

      (i) Proposed Bonus Issue of up to 137,670,000 new ordinary shares of RM1.00 each on the basis of one (1) new ordinary share for every three (3) existing ordinary shares held in OSK on an entitlement date prior to the Proposed Rights Issues of ICULS and RUB with Warrant B (Proposed Bonus Issue); and

      (ii) Proposed Rights Issue of:
          (a) up to RM137,670,000 nominal amount of 6% Irredeemable Convertible Unsecured Loan Stock 2000/2005 (ICULS) at 100% nominal amount of ICULS; and

          (b) up to RM137,670,000 nominal amount of 3.5% Redeemable Unsecured Bonds 2000/2005 (RUB) at 100% nominal amount of RUB.

          with up to 137,670,000 free 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 on an entitlement date prior to the Proposed Bonus Issue (Proposed Rights Issues of ICULS and RUB with Warrant B).
(Collectively, the Proposals)

      The approvals of the MOF and BNM have also been obtained on 1 September 1999 and 15 September 1999 respectively.

    2. CONDITIONS OF THE SC APPROVAL
        Amongst the main conditions of the SC are that proceeds to be raised from the Proposed Rights Issues of ICULS and RUB with Warrant B would be utilised in the manner as originally proposed in Table 1. In addition, quarterly status reports are to be provided to the SC with regard to the utilisation of proceeds by the OSK Group in the venture capital entities/businesses as proposed in item (ii) of Table 1.


    3. EXTRAORDINARY GENERAL MEETING
        A circular containing details of the Proposals together with a notice of extraordinary general meeting will be despatched to the shareholders in due course.
    MM-991021-62018.pdf MM-991021-62018.pdf

    Attachments

    MM-991021-62018.pdf
    84 KB


    Announcement Info

    Company NameO.S.K. HOLDINGS BERHAD  
    Stock Name OSK
    Date Announced21 Oct 1999  
    CategoryGeneral Announcement
    Reference NoMM-991021-62018

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