General Announcement
02/04/2003SARAWAK CONCRETE INDUSTRIES BERHAD ( SCIB OR THE COMPANY )
| SARAWAK CONCRETE INDUSTRIES BERHAD |
|
Type | Announcement |
| Subject | SARAWAK CONCRETE INDUSTRIES BERHAD ( SCIB OR THE COMPANY ) |
Contents :
· PROPOSED BONUS ISSUE OF 22,500,000 NEW ORDINARY SCIB SHARES OF RM1.00 EACH ( SHARES ) TO BE CREDITED AS FULLY PAID TO THE SHAREHOLDERS OF THE COMPANY ON THE BASIS OF FIVE (5) NEW SHARES FOR EVERY FOUR (4) EXISTING SHARES HELD ( PROPOSED BONUS ISSUE );· PROPOSED RENOUNCEABLE RIGHTS ISSUE OF 18,000,000 NEW SCIB SHARES ( RIGHTS SHARES ) TOGETHER WITH 18,000,000 FREE DETACHABLE WARRANTS ( RIGHTS WARRANTS ) AT AN ISSUE PRICE TO BE DETERMINED LATER ON THE BASIS OF ONE (1) NEW SHARE TOGETHER WITH ONE (1) FREE DETACHABLE WARRANT ATTACHED THERETO FOR EVERY ONE (1) EXISITNG SHARE HELD PRIOR TO THE PROPOSED BONUS ISSUE ON A DATE TO BE DETERMINED ( PROPOSED RIGHTS ISSUE WITH WARRANTS );
· PROPOSED ACQUISITION OF APPROXIMATELY 43 HECTARES OF MIXED ZONE LAND APPROVED FOR DEVELOPMENT LOCATED AT KUCHING, SARAWAK ("ORICON LAND") FROM ORICON SDN BHD ( PROPOSED ACQUSITION ); AND
· PROPOSED EMPLOYEES' SHARE OPTION SCHEME OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF THE COMPANY
(COLLECTIVELY REFERRED TO AS THE PROPOSALS )
Pursuant to the Securities Commission ("SC")'s approval on the above Proposals which was announced on 27 March 2003, on behalf of the Board of Directors of SCIB ("Board"), AmMerchant Bank Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad) ("AmMerchant Bank") wishes to announce that the Board has determined 2 April 2003 as the price fixing date ("Price Fixing Date") for the Rights Shares, Rights Warrants and Shares to be issued pursuant to the Proposed Acquisition.
The issue price of the Rights Shares at RM1.00 per Rights Share and the exercise price of the Rights Warrants at RM1.00 per Rights Warrant, represent a discount of approximately 2% respectively over the theoretical ex-all price of SCIB Shares of RM1.02, calculated based on the five day weighted average market price of SCIB Shares from 26 March 2003 to 1 April 2003 of RM2.32 (both dates inclusive) preceding the Price Fixing Date.
In addition, AmMerchant Bank also wishes to announce that the issue price for the Shares to be issued pursuant to the Proposed Acquisition is fixed at RM1.46, i.e. being the higher of the theoretical ex-all price of RM1.02 or RM1.46 as approved by the SC, which was announced on 27 March 2003.
This announcement is dated 2 April 2003.
Announcement Info
| Company Name | SARAWAK CONCRETE INDUSTRIES BERHAD |
| Stock Name | SCIB |
| Date Announced | 2 Apr 2003 |
| Category | General Announcement |
| Reference No | MM-030402-56365 |