General Announcement

21/05/1999

TANCO HOLDINGS BERHAD ("TANCO" OR "COMPANY") Proposed placement of up to 10,064,000 new ordinary shares of RM1.00 each in Tanco representing up to 10% of the existing issued and paid-up capital of Tanco ("Proposed Placement")

TANCO HOLDINGS BERHAD

TypeAnnouncement
SubjectTANCO HOLDINGS BERHAD ("TANCO" OR "COMPANY")

Proposed placement of up to 10,064,000 new ordinary shares of RM1.00 each in Tanco representing up to 10% of the existing issued and paid-up capital of Tanco ("Proposed Placement")

Contents :

On behalf of the Board of Directors of Tanco ("Board"), Commerce International Merchant Bankers Berhad ("CIMB") is pleased to announce that the Proposed Placement, which form part of the proposed debt re-arrangement of the Tanco group of companies, as announced by CIMB on behalf of the Board on 4 January 1999, has been approved by the Securities Commission ("SC") subject to the following conditions:-


(i) The proceeds raised from the Proposed Placement is to be utilised as shown in Table 1 below;

    (ii) CIMB/Tanco are required to furnish to the SC documentary evidence as confirmed by the external auditor on the utilisation of the proceeds as per paragraph (i) above;

    (iii) The name, identity and background of the placees of the placement shares ("ultimate placees") are to be forwarded to the SC before the Proposed Placement is implemented;

    (iv) The issue price of the placement shares is to be fixed at par of RM1.00 per share or based on the weighted average market price of Tanco shares for the five (5) consecutive market days prior to the issuance of such shares with a discount of up to 10% (if necessary), in accordance with the SC's Private Placement Guidelines requirements, whichever is the higher. CIMB/Tanco are also required to inform the SC the actual total number of shares issued and the total proceeds pursuant to the implementation of the Proposed Placement;

    (v) Tanco is required to restore its diluted Bumiputera equity content arising from the Proposed Placement within one (1) year from the issue date of the placement shares;

    (vi) The parties who hold more than 20% of the placement shares are required to hold and not to sell the said shares one (1) year from the listing date of such shares;

    (vii) The approval of the Foreign Investment Committee ("FIC") has been obtained by Tanco before Tanco implements the Proposed Placement and Tanco fully complies with conditions imposed by the FIC; and

    (viii) Tanco and the relevant parties are required to fully comply with the relevant requirements for private placements, particularly those stated in Chapters 15 and 25 of the Policies and Guidelines on the Issue/Offer of Securities issued by the SC.

    The FIC has on 11 May 1999 approved the Proposed Placement subject to the condition that at least 30% of the placement shares be offered to Bumiputera investors and the FIC be informed of the names and total number of shares offered to those Bumiputera investors.

    Table 1
    RM'000
    (a) Payments to creditors/ working capital
    9,864#
    (b) Estimated expenses
    200
    10,064
        # Depending on the actual issue price of Tanco shares under the Proposed Placement. If the proceeds from the Proposed Placement is higher than the expected proceeds, the difference will be used as the working capital.


    Announcement Info

    Company NameTANCO HOLDINGS BERHAD  
    Stock Name TANCO
    Date Announced21 May 1999  
    CategoryGeneral Announcement
    Reference NoMM-990518-61530

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