General Announcement

26/08/2003

SARAWAK CONCRETE INDUSTRIES BERHAD (SCIB OR THE COMPANY)

SARAWAK CONCRETE INDUSTRIES BERHAD

Type

Announcement
SubjectSARAWAK CONCRETE INDUSTRIES BERHAD (SCIB OR THE COMPANY)

Contents :

· BONUS ISSUE OF 22,500,000 NEW SCIB ORDINARY SHARES OF RM1.00 EACH (SHARES) IN SCIB TO BE CREDITED AS FULLY PAID-UP TO THE SHAREHOLDERS OF THE COMPANY ON THE BASIS OF FIVE (5) NEW SHARES FOR EVERY FOUR (4) EXISTING SHARES HELD (BONUS ISSUE);

· RENOUNCEABLE RIGHTS ISSUE OF 18,000,000 NEW SHARES OF SCIB (RIGHTS SHARES) TOGETHER WITH 18,000,000 FREE DETACHABLE WARRANTS AT AN ISSUE PRICE OF RM1.00 EACH ON THE BASIS OF ONE (1) NEW SHARE TOGETHER WITH ONE (1) FREE DETACHABLE WARRANT ATTACHED THERETO FOR EVERY ONE (1) EXISTING SHARE HELD PRIOR TO THE BONUS ISSUE ON A DATE TO BE DETERMINED (RIGHTS ISSUE WITH WARRANTS);

· ACQUISITION OF APPROXIMATELY 43 HECTARES OF MIXED ZONE LAND APPROVED FOR DEVELOPMENT LOCATED AT KUCHING, SARAWAK FROM ORICON (ORICON LAND) (ACQUISITION OF ORICON LAND); AND

· EMPLOYEES SHARE OPTION SCHEME OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF THE COMPANY (ESOS).

(COLLECTIVELY KNOWN AS CORPORATE EXERCISES)



We refer to the announcement made on behalf of SCIB on 26 March 2003.

AmMerchant Bank Berhad, on behalf of SCIB, wishes to announce that the Company has on 26 August 2003 applied to the Securities Commission (SC) for an extension of time of:-

i) approximately another eight (8) months from the date of the undertaking letter by the Company to the SC (i.e. 30 April 2003) to 31 December 2003 to obtain the occupation permits and wharf licence; and
ii) up to 31 December 2003 to complete implementation of the Corporate Exercises.

A separate announcement will be made in due course upon receiving the SCs decision on the application for the extension of time.

This announcement is dated 26 August 2003.


Announcement Info

Company NameSARAWAK CONCRETE INDUSTRIES BERHAD  
Stock Name SCIB
Date Announced26 Aug 2003  
CategoryGeneral Announcement
Reference NoMM-030822-34300

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