General Announcement

20/12/2010

SERSOL TECHNOLOGIES BERHAD (SERSOL OR COMPANY) PROPOSALS TO FACILITATE THE COMPLIANCE WITH THE BUMIPUTERA EQUITY CONDITION COMPRISING: (I) PROPOSED SPECIAL BUMIPUTERA ISSUE; (II) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND (III) PROPOSED M&A AMENDEMNT.

SERSOL TECHNOLOGIES BERHAD

TypeAnnouncement
SubjectSERSOL TECHNOLOGIES BERHAD (SERSOL OR COMPANY)

PROPOSALS TO FACILITATE THE COMPLIANCE WITH THE BUMIPUTERA EQUITY CONDITION COMPRISING:

(I) PROPOSED SPECIAL BUMIPUTERA ISSUE;
(II) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND
(III) PROPOSED M&A AMENDEMNT.
ContentsWe refer to the announcements dated 17 May 2010, 6 July 2010 and 21 July 2010 in relation to the compliance with the Bumiputera equity condition.

In order to facilitate the compliance with the Bumiputera equity condition, PM Securities Sdn Bhd on behalf of the Board of Directors of SerSol wishes to announce that the Company proposes to undertake the following:

(i) The issuance of up to 8,064,000 new ordinary shares of RM0.10 each in SerSol (SerSol Shares), representing approximately 8.5% of the existing issued and paid-up share capital of SerSol, at an issue price to be determined later to the Bumiputera investors to be nominated by the Ministry of International Trade and Industry (MITI) which fall within the ambit of Schedules 6 and 7 of the Capital Markets and Services Act 2007 (MITI Nominated Bumiputera Investors) (Proposed Special Bumiputera Issue) such that the total Bumiputera equity interest in the Company after the Proposed Special Bumiputera Issue and the existing 4,810,700 SerSol Shares held by the existing Bumiputera investors recognised by the MITI pursuant to the letter of approval from the MITI dated 20 July 2010 will aggregate to 12.5% of the enlarged issued and paid-up share capital of SerSol;

(ii) An increase in its authorised share capital from RM10,000,000 comprising 100,000,000 SerSol Shares to RM25,000,000 comprising 250,000,000 SerSol Shares (Proposed Increase in Authorised Share Capital) to facilitate the Proposed Special Bumiputera Issue in the event the MITI Nominated Bumiputera Investors subscribe for more than 5,069,000 new SerSol Shares. The Proposed Increase in Authorised Share Capital will cater for the issuance of more than 5,069,000 new SerSol Shares pursuant to the Proposed Special Bumiputera Issue as well as to cater for any future issuance of new SerSol Shares; and

(iii) An amendment to its Memorandum & Articles of Association to effect the Proposed Increase in Authorised Share Capital if the Proposed Increase in Authorised Share Capital is undertaken.

The full text of the announcement is attached herein for your attention.

Attachments

SerSol announcement.pdf
45 KB


Announcement Info

Company NameSERSOL TECHNOLOGIES BERHAD (ACE Market) 
Stock Name SERSOL
Date Announced20 Dec 2010  
CategoryGeneral Announcement
Reference NoOS-101220-46531

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