General Announcement

06/07/2010

SERSOL TECHNOLOGIES BERHAD ("SERSOL" OR THE "COMPANY") (1) PROPOSED REVISION OF THE 30% BUMIPUTERA EQUITY PARTICIPATION TO 12.5%; AND (2) PROPOSED EXTENSION OF TIME TO COMPLY WITH THE BUMIPUTERA EQUITY PARTICIPATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

SERSOL TECHNOLOGIES BERHAD

TypeAnnouncement
SubjectSERSOL TECHNOLOGIES BERHAD ("SERSOL" OR THE "COMPANY")

(1) PROPOSED REVISION OF THE 30% BUMIPUTERA EQUITY PARTICIPATION TO 12.5%; AND

(2) PROPOSED EXTENSION OF TIME TO COMPLY WITH THE BUMIPUTERA EQUITY PARTICIPATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
ContentsWe refer to the announcement dated 17 May 2010 in relation to the above Proposals.

The Company wishes to announce that the Securities Commission ("SC") has vide its letter dated 2 July 2010, approved the application made by TA Securities Holdings Berhad ("TA Securities") on behalf of SerSol, in respect of the above Proposals. The SC has approved an extension of time of up to 2 January 2012 for SerSol to allot 12.5% of its enlarged issued and paid-up share capital ("Bumiputera Shares") to Bumiputera investors recognised by the Ministry of International Trade and Industry ("MITI").

TA Securities/SerSol is required to implement the following:

(i) To submit to the SC within a period of six (6) months from the date of MITI's approval in relation to the recognition of the existing Bumiputera shareholders of SerSol, a corporate proposal which would allow SerSol to comply with the Bumiputera equity condition imposed on SerSol;

(ii) To submit an application to the MITI for the allocation of Bumiputera Shares to the Bumiputera investors; and

(iii) To submit to the SC, a quarterly report on the progress of the allocation process in respect of paragraph (ii) above.

In the event that the Bumuputera Shares are not fully subscribed by the Bumiputera investors or MITI is unable to allocate the said Bumiputera Shares within a period of one (1) year from the date of application made by TA Securities to MITI, SerSol will be deemed to have complied with the Bumiputera equity condition.

This announcement is dated 6 July 2010.

Announcement Info

Company NameSERSOL TECHNOLOGIES BERHAD (ACE Market) 
Stock Name SERSOL
Date Announced6 Jul 2010  
CategoryGeneral Announcement
Reference NoC&-100706-43660

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