Salcon Berhad ("Salcon" Or "Company") Revision In Utilisation Of Proceeds From The Rights Issue With Warrants
BackAug 28, 2007
| General Announcement |
| Reference No MM-070828-66229 |
| Submitting Merchant Bank |
:
|
MIMB INVESTMENT BANK BERHAD |
| Company Name |
:
|
SALCON BERHAD |
| Stock Name |
:
|
SALCON |
| Date Announced |
:
|
28/08/2007 |
 |
|
|
| Type | : | Announcement |
| Subject | : | SALCON BERHAD ("Salcon" or "Company") REVISION IN UTILISATION OF PROCEEDS FROM THE RIGHTS ISSUE WITH WARRANTS |
Contents :
We refer to the Rights Issue with Warrants which was completed on 23 May 2007. On behalf of the Board of Directors of Salcon, MIMB Investment Bank Berhad (formerly known as Malaysian International Merchant Bankers Berhad), wishes to announce that the Company wishes to revise the utilisation of certain portion of proceeds raised from the Rights Issue with Warrants which was approved by shareholders during the Extraordinary General Meeting held on 30 March 2007.
The original utilisation of proceeds as approved by shareholders and the proposed revised utilisation of proceeds are as follows:
Note:
(1) Salcon has proposed to reallocate RM35 million to finance the acquisition of Oriental from the initial allocation of RM55 million for the Sabah sewage project as Salcon Engineering Berhad, a wholly-owned subsidiary of Salcon, has secured a loan facility amounting to RM60 million from Sabah Development Bank for the financing of the Sabah sewage project.
(2) The amount of RM112,000 has been reallocated from unutilised expenses relating to the Rights Issue with Warrants to general working capital of the Salcon Group as mentioned in the Circular to shareholders dated 15 March 2007 in the event of differences in the actual expenses and estimated expenses.
This announcement is dated 28 August 2007.