General Announcement

24/07/2003

PRESS METAL BERHAD (PMB OR THE COMPANY) · PROPOSED LISTING OF SUBSIDIARY COMPANIES ON THE SECOND BOARD OF THE KUALA LUMPUR STOCK EXCHANGE (KLSE) (PROPOSED LISTING)

PRESS METAL BERHAD

Type

Announcement
SubjectPRESS METAL BERHAD (PMB OR THE COMPANY)
· PROPOSED LISTING OF SUBSIDIARY COMPANIES ON THE SECOND BOARD OF THE KUALA LUMPUR STOCK EXCHANGE (KLSE) (PROPOSED LISTING)

Contents :

References are made to the announcements dated 24 January 2003 and 13 May 2003, wherein the Securities Commission (SC) had approved the proposals to be undertaken by PMB in conjunction with the proposed listing of its subsidiary companies, namely PMB Facade Technology Sdn Bhd (PMBF) and its subsidiary companies (PMBF Group) and Everlast Aluminium (Malaysia) Sdn Bhd (EASB) and its subsidiary companies (EASB Group) through PMB Technology Berhad (PMBT), on the Second Board of the KLSE vide its letter dated 22 January 2003 and the variation in certain terms and conditional imposed via its approval vide its letter dated 9 May 2003.


On 13 June 2003, AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the Company had further applied to the SC to exempt PMBT from having to provide for retention sums and any trade debts on active on-going transactions, which the Group has received settlement by way of post-dated cheques, i.e. payments by installments with credit period of more than six (6) months when determining the provisions for doubtful and bad debts.

In relation thereto, AmMerchant Bank wishes to announce, on behalf of the Board of Directors of PMB that the SC had vide its letter dated 21 July 2003 granted PMBT the aforesaid exemption.

    The SCs decision is subject to the vendors of the companies to be acquired by PMBT, namely PMBF and EASB reimbursing PMBT in cash in the event the retention sum and the trade debts, which are to be settled by way of post-dated cheques exceed six(6) months from the date of the prospectus. The vendors of PMBF and EASB are also required to provide their written undertaking prior to the issuance of the prospectus that the said condition will be met.

    Further, SC had also approved the application made by AmMerchant Bank, on behalf of the Board of Directors of PMB dated 3 July 2003, for a further extension of time of up to six (6) months to 22 January 2004 for the Company to implement the Proposed Listing.

    The announcement is dated 24 July 2003.


    Announcement Info

    Company NamePRESS METAL BERHAD  
    Stock Name PMETAL
    Date Announced24 Jul 2003  
    CategoryGeneral Announcement
    Reference NoMM-030724-36539

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