General Announcement

16/04/2004

RCE CAPITAL BERHAD (FORMERLY KNOWN AS REDIFFUSION BERHAD) ["RCE" OR "COMPANY"] PROPOSED ACQUISITION BY RCE OF 7,000,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING 87.5% EQUITY INTEREST IN RCE MARKETING SDN BHD ("RCEM") FROM RCE VENTURES SDN BHD ("RCEV") FOR A CASH CONSIDERATION OF RM19,900,000 ("PROPOSED ACQUISITION")

RCE CAPITAL BERHAD

Type

Announcement
SubjectRCE CAPITAL BERHAD (FORMERLY KNOWN AS REDIFFUSION BERHAD) ["RCE" OR "COMPANY"]

PROPOSED ACQUISITION BY RCE OF 7,000,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING 87.5% EQUITY INTEREST IN RCE MARKETING SDN BHD ("RCEM") FROM RCE VENTURES SDN BHD ("RCEV") FOR A CASH CONSIDERATION OF RM19,900,000 ("PROPOSED ACQUISITION")

Contents :

We refer to the announcement on the conditional Sale and Purchase Agreement between RCE and RCEV made by Commerce International Merchant Bankers Berhad on 23 December 2002 which included the execution of a Deed of Arrangement for Settlement in respect of the settlement of indebtedness by RCEV to RCEM within the period from the completion date of the Proposed Acquisition until 31 March 2004.


The Board had on 13 June 2003 announced its completion on the Proposed Acquisition.

Further to the above announcement, the Board is pleased to announce that RCEM has agreed to extend the period for payment or repayment by RCEV of the indebtedness referred to in Clause 4.1 of the Deed of Arrangement for Settlement for a further period of six (6) months with effect from 1 April 2004 and expiring on 30 September 2004.

The Clause 4.1 of the Deed of Arrangement for Settlement shall be varied and read as follows:-

"4. SETTLEMENT OF INDEBTEDNESS

4.1 The Debtor hereby agrees covenants and undertakes with the Creditor to pay or

      repay the Indebtedness to the Creditor within the period from the Completion Date until 30 September 2004."

Save and except to the extent that the Deed of Arrangement for Settlement is varied and amended as above, all other terms and conditions, agreement and stipulations and provisions in the Deed of Arrangement for Settlement shall remain in full force and effect.

This announcement is dated 16 April 2004.


Announcement Info

Company NameRCE CAPITAL BERHAD  
Stock Name RCECAP
Date Announced16 Apr 2004  
CategoryGeneral Announcement
Reference NoCU-040412-52263

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