General Announcement

26/05/2003

Southern Steel Berhad (SSB) Renounceable rights issue of up to RM141,176,500 nominal amount of irredeemable convertible unsecured loan stocks (ICULS) at an issue price of 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 (SSB Shares) held in SSB (Rights Issue of ICULS)

SOUTHERN STEEL BERHAD

Type

Announcement
SubjectSouthern Steel Berhad (SSB)
Renounceable rights issue of up to RM141,176,500 nominal amount of irredeemable convertible unsecured loan stocks (ICULS) at an issue price of 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 (SSB Shares) held in SSB (Rights Issue of ICULS)

Contents :

Quote


The Board of Directors of SSB announces that the Securities Commission (SC) has extended the deadline for SSB to complete the Rights Issue of ICULS for another 3 months from 30 April 2003 to 31 July 2003.

Further, in compliance with one of the conditions imposed by the SC vide its letter dated 31 October 2002 approving the Rights Issue of ICULS, SSB had on 2 January 2003 furnished an undertaking letter to the SC to undertake that SSB will endeavour to the best of its abilities to obtain the approved building plan and certificate of fitness for occupation for certain properties of the SSB group of companies (Subject Approvals).

Following an application made by SSB, the SC has also extended the deadline for SSB to obtain the outstanding Subject Approvals for another 6 months from 30 April 2003 to 31 October 2003 subject to the following conditions:

a) SSB is required to furnish written undertaking to the SC that SSB will submit an application to the relevant authorities to obtain the approved building plan and certificate of fitness for occupation for the following properties:

      • Lot number 6047, 6048 and 6049, Mukim of Kapar, Klang District, Selangor Darul Ehsan; and
      • P.T. 1466, Mukim 1, Tengah District, Pulau Pinang.

b) SSB is required to inform the SC on the status of the Subject Approvals on a monthly basis.

The Board of Directors of SSB shall deliberate on all the conditions imposed by the SC set out above. Accordingly, an appropriate announcement would be made in due course following the conclusion of the meeting of the Board of Directors.

Shareholders and potential investors are requested to refer to the Circular to Shareholders issued by SSB on 14 January 2003 and the announcements dated 10 February 2003, 13 May 2003 and 19 May 2003 for further details of the Rights Issue of ICULS.

This announcement is dated 26 May 2003.
Unquote


Announcement Info

Company NameSOUTHERN STEEL BERHAD  
Stock Name SSTEEL
Date Announced26 May 2003  
CategoryGeneral Announcement
Reference NoMM-030526-66634

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