General Announcement

25/03/2008

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

SANICHI TECHNOLOGY BERHAD

Type

Announcement
SubjectSANICHI TECHNOLOGY BERHAD ("STB")

- PROPOSED PRIVATE PLACEMENT; AND
- PROPOSED SPECIAL ISSUE

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

Contents :

Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the announcement dated 5 December 2007 in relation to the Proposals.


We refer to the announcements made on 5 December 2007 and 19 February 2008 respectively in relation to the Proposals.

Alliance Investment Bank Berhad on behalf of the Board of Directors of STB, is pleased to announce that the Ministry of International Trade and Industry (MITI) had, vide its letter dated 25 March 2008, approved the Proposals subject to the following conditions:

(i) To obtain the approval of the Securities Commission (SC) for the Proposals and to comply with the Guideline on the Acquisition of Interests, Mergers and Takeovers by Local and Foreign Interests issued by Foreign Investment Committee (FIC) (FIC Guidelines);

    The approval from the SC and the Equity Compliance Unit of the SC pursuant to the FIC Guidelines was obtained on 18 February 2008.

(ii) All of the Special Issue Shares up to 53,507,200, representing 30% of the enlarged share capital of STB to the Bumiputera investors, is subject to MITIs allocation and approval, for the purpose of complying with the condition for listing in respect of the 30% Bumiputera equity interests; and

(iii) STB is required to inform MITI upon completion of the Proposals.

The Proposals are now subject to the approval of the following parties:

(i) the shareholders of STB; and
(ii) the Bursa Malaysia Securities Berhad for the listing of and quotation for the Placement Shares and Special Issue Shares to be issued pursuant to the Proposals.

This announcement is dated 25 March 2008.


Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced25 Mar 2008  
CategoryGeneral Announcement
Reference NoMM-080325-62911



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