Salcon Berhad ("Salcon" Or "Company") Proposed private Placement of Up To 10% of The Issued And Paid-up Share Capital Of Salcon ("Proposed Private Placement")

BackJan 15, 2007
General Announcement
Reference No MM-080115-60596

Submitting Merchant Bank
:
 MIMB INVESTMENT BANK BERHAD 
Company Name
:
 SALCON BERHAD 
Stock Name
:
 SALCON
Date Announced
:
 15/01/2008


Type : Announcement
Subject : SALCON BERHAD ("Salcon" or "Company")

PROPOSED PRIVATE PLACEMENT OF UP TO 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF SALCON ("PROPOSED PRIVATE PLACEMENT")

Contents :

We refer to the announcements dated 21 December 2007 and 8 January 2008 in relation to the abovementioned Proposed Private Placement. On behalf of the Board of Directors of Salcon, MIMB Investment Bank Berhad ("MIMB") is pleased to announce that the Securities Commission ("SC") has, vide its letter dated 11 January 2008 (which was received on 14 January 2008), approved the following:-

(a) the private placement of up to 58,312,000 new ordinary shares of RM0.50 each ("Placement Shares"), representing up to 10% of the issued and paid-up share capital of Salcon; and

(b) listing of and quotation for the new Placement Shares to be issued pursuant to the Proposed Private Placement on the Main Board of Bursa Malaysia Securities Berhad.

The SC's approval of the Proposed Private Placement is subject to the following conditions:

(a) Salcon/MIMB to fully comply with the relevant provisions in Guidance Note 8C and other relevant requirements under the SC's Policies and Guidelines on Issue/Offer of Securities, in implementing the Proposed Private Placement;

(b) At least 30% of the Placement Shares must be placed out to Bumiputera investors; and

(c) Salcon/MIMB to inform the SC upon completion of the Proposed Private Placement.

This announcement is dated 15 January 2008.