General Announcement

05/02/2003

SOUTHERN STEEL BERHAD ("SSB") - 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 two (2) existing ordinary shares of RM1.00 each held in SSB (the "Proposed Rights Issue of ICULS") - Proposed amendments to the Articles of Association of SSB (the "Proposed Amendments")

SOUTHERN STEEL BERHAD

Type

Announcement
SubjectSOUTHERN STEEL BERHAD ("SSB")
- 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 two (2) existing ordinary shares of RM1.00 each held in SSB (the "Proposed Rights Issue of ICULS")
- Proposed amendments to the Articles of Association of SSB (the "Proposed Amendments")

Contents :

The Board of Directors of SSB wishes to announce that the ordinary resolution pertaining to the Proposed Rights Issue of ICULS and the special resolution pertaining to the Proposed Amendments as set out in the Notice of Extraordinary General Meeting ("EGM") issued by SSB on 14 January 2003, were passed by the shareholders at the EGM of SSB held earlier today.


Following the conclusion of the EGM, the Proposed Rights Issue of ICULS remains conditional upon the approval-in-principle of the Kuala Lumpur Stock Exchange ("KLSE") for (i) the admission to the Official List and the listing of and quotation for up to RM141,176,500 nominal amount of ICULS on the KLSE; and (ii) the listing of and quotation for up to 199,176,778 new SSB Shares to be issued pursuant to the conversion of the ICULS on the Main Board of the KLSE.

Meanwhile, the Proposed Amendments have now become unconditional.

This announcement is dated 5 February 2003.


Announcement Info

Company NameSOUTHERN STEEL BERHAD  
Stock Name SSTEEL
Date Announced5 Feb 2003  
CategoryGeneral Announcement
Reference NoSS-030130-46780

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