General Announcement

19/02/2008

SANICHI TECHNOLOGY BERHAD ("STB" OR THE "COMPANY") - PROPOSED PRIVATE PLACEMENT; AND - PROPOSED SPECIAL ISSUE (HEREINAFTER, COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

SANICHI TECHNOLOGY BERHAD

Type

Announcement
SubjectSANICHI TECHNOLOGY BERHAD ("STB" OR THE "COMPANY")

- PROPOSED PRIVATE PLACEMENT; AND
- PROPOSED SPECIAL ISSUE

(HEREINAFTER, COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Contents :

We refer to the announcement made on 5 December 2007 in relation to the Proposals.


Alliance Investment Bank Berhad (Alliance) on behalf of the Board of Directors of STB, is pleased to announce that the Securities Commission (SC) had, vide its letter dated 18 February 2008 (which was received by Alliance on 19 February 2008), approved the Proposals subject to the following terms and conditions:

Terms

(i) Private placement of up to 11,350,000 STB shares, representing up to 10% of the issued and paid-up share capital of STB;

(ii) Special issue of up to 53,507,200 STB shares, representing up to 30% of the enlarged share capital of STB (after the Proposed Private Placement and Proposed Special Issue); and

(iii) Listing and quotation for the new shares to be issued under the Proposed Private Placement and Proposed Special Issue on the MESDAQ Market of the Bursa Malaysia Securities Berhad.

Conditions

(i) Allocation of the new STB shares pursuant to the Proposed Special Issue to Bumiputera investors to be approved by the Ministry of International Trade and Industry (MITI);

(ii) Alliance / STB to inform SC on MITIs decision on the Proposals; and

(iii) Alliance / STB should inform SC upon completion of the Proposals.

In the same letter, the SC has also approved the Proposals under the Foreign Investment Committees Guideline on the Acquisition of Interests, Mergers and Take-overs by Local and Foreign Interests. In relation thereto, arising from the implementation of the Proposals, the equity structure relating to Bumiputera, non-Bumiputera and foreign shareholdings in STB is expected to change, as follows: [Please refer to the attachment to view the table]

This announcement is dated 19 February 2008.

Attachments

MM-080219-58830.pdf
83 KB


Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced19 Feb 2008  
CategoryGeneral Announcement
Reference NoMM-080219-58830



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