General Announcement

15/07/2008

SANICHI TECHNOLOGY BERHAD ("STB" OR "COMPANY") PROPOSED SPECIAL ISSUE OF UP TO 53,507,200 NEW ORDINARY SHARES OF RM0.10 EACH IN STB, REPRESENTING UP TO 30% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF STB (AFTER THE PROPOSED PRIVATE PLACEMENT AND PROPOSED SPECIAL ISSUE), AT AN ISSUE PRICE TO BE DETERMINED LATER ("PROPOSED SPECIAL ISSUE")

SANICHI TECHNOLOGY BERHAD

Type

Announcement
SubjectSANICHI TECHNOLOGY BERHAD ("STB" OR "COMPANY")
PROPOSED SPECIAL ISSUE OF UP TO 53,507,200 NEW ORDINARY SHARES OF RM0.10 EACH IN STB, REPRESENTING UP TO 30% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF STB (AFTER THE PROPOSED PRIVATE PLACEMENT AND PROPOSED SPECIAL ISSUE), AT AN ISSUE PRICE TO BE DETERMINED LATER ("PROPOSED SPECIAL ISSUE")

Contents :

Reference is made to the announcements dated 5 December 2007, 19 February 2008 and 25 March 2008 in relation to, inter-alia, the Proposed Special Issue.


The Proposed Special Issue is undertaken to comply with the Securities Commissions (SC) and Ministry of International Trade and Industrys conditions to raise STBs Bumiputera equity to 30% of the enlarged issued and paid-up share capital within 1 year after STB has achieved the profit track record requirement for the listing on the Second Board of Bursa Malaysia Securities Berhad (Securities Exchange) or 5 years after being listed on the MESDAQ Market of Securities Exchange, whichever is earlier (Bumiputera Equity Condition).

STB has achieved the profit track record required for listing on the Second Board of Securities Exchange based on its audited financial statements for the 3 financial years up to financial year ended 30 June 2007. Accordingly, STB is required to comply with the Bumiputera Equity Condition by 30 June 2008.

In respect of the above, Alliance Investment Bank Berhad (Alliance), on behalf of the Board of Directors of STB, wishes to announce that the SC had vide its letter dated 10 July 2008 (which was received on 14 July 2008) approved an extension of time up to 18 February 2009 for STB to comply with the Bumiputera Equity Condition. In relation thereto, STB is required to submit a report to the SC on a monthly basis pertaining to the Companys progress in complying with the Bumiputera Equity Condition.


This announcement is dated 15 July 2008.


Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced15 Jul 2008  
CategoryGeneral Announcement
Reference NoMM-080715-63000



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