General Announcement

19/03/2009

SANICHI TECHNOLOGY BERHAD (STB) PROPOSED SPECIAL ISSUE OF UP TO 53,507,200 NEW ORDINARY SHARES OF RM0.10 EACH IN STB (SPECIAL ISSUE SHARES), 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

TypeAnnouncement
SubjectSANICHI TECHNOLOGY BERHAD (STB)
PROPOSED SPECIAL ISSUE OF UP TO 53,507,200 NEW ORDINARY SHARES OF RM0.10 EACH IN STB (SPECIAL ISSUE SHARES), 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(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the announcement dated 15 July 2008 pertaining to the Proposed Special Issue.)

Reference is made to the announcement dated 15 July 2008, wherein the SC had approved an extension of time up to 18 February 2009 for STB to comply with the Bumiputera Equity Condition.

Subsequent to the above, the SC made a press release on 12 November 2008 stating that domestic companies which have already been listed, but have not met the 30% Bumiputera equity requirement due to their inability to attract Bumiputera investors at the point of listing, will also be deemed to have complied with the National Development Policy conditions on Bumiputera ownership.

In view of the flexibility accorded as mentioned above, Alliance on behalf of the Board of Directors of STB (Board), had submitted an application to the SC on 4 February 2009 for the following:

(i) STB to be deemed to have complied with the Bumiputera Equity Condition and be exempted from having to implement the Proposed Special Issue; and

(ii) Waiver on the requirement of having to set aside 30% of the placement shares for subscription by Bumiputera investors pursuant to the Proposed Private Placement.

(Note: The SC vide its letter dated 11 March 2009 granted a further extension of time up to 18 August 2009 for STB to complete the Proposed Private Placement. The announcement on the same was made on 11 March 2009.)

In relation to the above, the Board wishes to announce that the SC had, vide its letter dated 18 March 2009, stated that an exemption will be granted to STB from complying with items (i) and (ii) above if the Ministry of International Trade and Industry (MITI) is unable to allocate the Special Issue Shares to Bumiputera investors by 24 April 2009. Nevertheless, STB is advised to increase its efforts to attract Bumiputera investors and to liaise with MITI on the subscription of the Special Issue Shares.

This announcement is dated 19 March 2009.

Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced19 Mar 2009  
CategoryGeneral Announcement
Reference NoMM-090319-52397

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