General Announcement

02/10/2003

SARAWAK CONCRETE INDUSTRIES BERHAD (SCIB OR THE COMPANY) CORPORATE EXERCISES

SARAWAK CONCRETE INDUSTRIES BERHAD

Type

Announcement
SubjectSARAWAK CONCRETE INDUSTRIES BERHAD (SCIB OR THE COMPANY)

CORPORATE EXERCISES

Contents :

· BONUS ISSUE OF 22,500,000 NEW SCIB ORDINARY 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 (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 our announcement, on behalf of the Company, dated 26 August 2003.

AmMerchant Bank Berhad (AmMerchant Bank), on behalf of SCIB, is pleased to announce that the Securities Commission (SC) has, vide its latter dated 30 September 2003, approved the extension of time as follows:-

(i) Extension of time for another twelve (12) months from 19 September 2003 to 18 September 2004 to obtain Occupation Permits (OPs) for the buildings without OPs and wharf licence from the relevant authorities; and

(ii) Extension of time for another approximately three and a half (3 1/2) months from 19 September 2003 to 31 December 2003 to complete the implementation of the Corporate Exercises.

The abovesaid approval is subject to, inter-alia, that AmMerchant Bank / SCIB to make quarterly announcement to the Kuala Lumpur Stock Exchange on the status of application for the amalgamation of land, OPs and wharf license.

This announcement is dated 2 October 2003.


Announcement Info

Company NameSARAWAK CONCRETE INDUSTRIES BERHAD  
Stock Name SCIB
Date Announced2 Oct 2003  
CategoryGeneral Announcement
Reference NoMM-031002-36657

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