General Announcement
10/02/2003SOUTHERN STEEL BERHAD (SSB/ the Company) Proposed renounceable rights issue of up to RM141,176,500 nominal amount of 5.5% 5-year irredeemable convertible unsecured loan stocks (ICULS) at 100% of the nominal amount on the basis of RM1.00 nominal amount of ICULS for every 2 existing ordinary shares of RM1.00 each held in SSB (Proposed Rights Issue of ICULS)
SOUTHERN STEEL BERHAD |
Type | Announcement |
Subject | SOUTHERN STEEL BERHAD (SSB/ the Company) Proposed renounceable rights issue of up to RM141,176,500 nominal amount of 5.5% 5-year irredeemable convertible unsecured loan stocks (ICULS) at 100% of the nominal amount on the basis of RM1.00 nominal amount of ICULS for every 2 existing ordinary shares of RM1.00 each held in SSB (Proposed Rights Issue of ICULS) |
Contents :
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Further to the announcement made on 5 February 2003 regarding the Proposed Rights Issue of ICULS, SSB announces that the Board of Directors of SSB has on 7 February 2003 resolved to fix the conversion price of the ICULS at RM1.03 for every 1 ordinary share of RM1.00 each in SSB (Conversion Price), which represents a discount of approximately 9.6% from the weighted average market price of SSB shares for the 5 market days up to 7 February 2003 of RM1.14.
The Proposed Rights Issue of ICULS remains conditional upon the approval-in-principle of the Kuala Lumpur Stock Exchange Berhad (KLSE) for:
Shareholders of SSB and potential investors are requested to refer to the announcements dated 11 April 2002, 28 June 2002, 8 November 2002 and 5 February 2003 and the Circular to Shareholders issued by SSB on 14 January 2003 for further details on the Proposed Rights Issue of ICULS.
This announcement is dated 10 February 2003.
Unquote
Announcement Info
Company Name | SOUTHERN STEEL BERHAD |
Stock Name | SSTEEL |
Date Announced | 10 Feb 2003 |
Category | General Announcement |
Reference No | MM-030210-61736 |
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