General Announcement

19/08/2004

PROPOSED INTERNAL REORGANISATION

RCE CAPITAL BERHAD

Type

Announcement
SubjectPROPOSED INTERNAL REORGANISATION

Contents :

1. INTRODUCTION
      The Board of Directors of RCE Capital Berhad (formerly known as Rediffusion Berhad) ["RCE" or "the Company"] wishes to announce that the Company had on 19 August 2004 disposed of 9,500,000 ordinary shares representing the entire issued and paid-up share capital of RCE Commerce Sdn Bhd (formerly known as Rediffusion.Com Sdn Bhd) ["RCEC"] to RCE Marketing Sdn Bhd ("RCEM"), a subsidiary of the Company for a cash consideration of RM1.00 ["Reorganisation"].

2. RATIONALE

RCEC is principally involved in rental of home appliances, while RCEM is principally involved in trading in electrical home appliances and other consumer durable products mainly on hire purchase terms and provision of general loan financing services. The Reorganisation forms part of the Groups internal restructuring exercise to streamline its Groups business activities and reap economies of scale and the optimal utilisation of available resources. The integration and centralisation of various information technology related processes into RCEC will also result in greater operational efficiency and ultimately contribute to improvement in shareholder value.

3. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST

None of the directors or substantial shareholders of the Company or persons connected with them has any interest, direct or indirect, in the Reorganisation.

4. FINANCIAL EFFECT

      The Reorganisation will result in a dilution in the Group's effective equity interest in RCEC from 100% to 87.5%. However, as RCEC is currently inactive, the Reorganisation will not have any material effect on the earnings per share, net tangible assets per share, share capital and substantial shareholders shareholding of the Company.

5. DIRECTORS OPINION

      The Board of Directors of the Company, having taken into consideration of all the aspects of the Reorganisation is of the opinion that the Reorganisation is in the best interest of the RCE Group.
6. APPROVAL REQUIRED

      The Reorganisation is not subject to the approval of the shareholders of the Company or relevant authorities.

This announcement is dated 19 August 2004.

Announcement Info

Company NameRCE CAPITAL BERHAD  
Stock Name RCECAP
Date Announced19 Aug 2004  
CategoryGeneral Announcement
Reference NoCU-040623-58665

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