bursa anouncement

8/11/2019 bursa anouncement

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KLSE ANNOUNCEMENT

FW INDUSTRIES BERHAD (FWI or the Company)Re !"#"te anno!n$ement !n%er &ra$t"$e Note No' *++, (&N *++,) "##!e% -ythe K!a.a L!mp!r Sto$/ E0$han1e (KLSE) p!r#!ant to &ara1raph 2', o3 theL"#t"n1 Re !"rement# o3 KLSE

,' INTRODUCTION

On behalf of the Board of Directors of FWI (FWI Board), Southern Investment BankBerhad (SIBB) wishes to announce that the Coman! had on "# $ul! %##" enteredinto a &estructurin' 'reement ( 'reement) with aksin Sdn Bhd (SB or *ewco, anewl! incororated coman!) and the vendors of ala!sia +ower Steel IndustriesSdn Bhd ( +SI) (+SI endors), estika -akin Sdn Bhd ( -SB) ( -SB endors) and&ichcall .n'ineerin' Sdn Bhd (&.SB) (&.SB endors) (collectivel! the endors) toundertake a ro osed cororate and debt restructurin' e/ercise to re'ularise the0nancial condition of the Coman! ursuant to +*12%##34

+ursuant to the 'reement, *ewco had also on even date entered into a conditionalShare Sale 'reement for the sale and urchase of the followin'5

(i) the entire e6uit! interest in +SI from +SI endors for a total urchaseconsideration of &73,%8#,###9

(ii) the entire e6uit! interest in -SB from -SB endors for a total urchaseconsideration of &3:,:#:,###9 and

(iii) the sale and urchase of the entire e6uit! interest in &.SB from &.SB vendorsfor a total urchase consideration of &;,331,###4


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*' INFORMATION ON THE &RO&OSALS

*', &ropo#e% Share E0$han1e


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istin'Status


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Type B Cre%"tor#

(ii) F.SB >enders, comrisin' onl! of FIs who have e/tended credit facilities toF.SB and which have not been rovided with a CE b! FWI, to the e/tent ofthe unsecured debt amount4

(iii) CE ire +urchase and >ease Creditors, comrisin' onl! of those who haverovided 0nancin' to F.SB for ca ital urchases and which have beenrovided with a CE b! FWI, to the e/tent of the unsecured debt amount4

(iv) CE Other Creditors, comrisin' onl! of other creditors whose debts areincurred b! F.SB in the ordinar! course of business and which have been

rovided with a CE b! FWI4

(v) Other Creditors, com risin' onl! of other creditors whose debts are incurredb! FWI in the ordinar! course of business4

Type C Cre%"tor#


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(a) Settlement of the secured ortion of the amount outstandin' as at "# $une %##% in relation to the

8,;18,:77 *ewco &CS>S at the nominal value of &34## er *ewco&CS>S9

(b) Set@o= the amount outstandin' as at "# $une %##% a'ainst the assetsled'ed u to the value of the assets secured as a'reed b! certainScheme Creditor ( 'reed alue)9

(c) Waiver of 7# of the amount outstandin' b! FWI and F.SB as at "# $une %##% after settlement2set@o= a'ainst the 'reed alue andInterest Waiver as set out under (a) and (b) above9

(d) Waiver of :# of the amount outstandin' b! S and which shall in a''re'ate be valued at &%#,187,:1?4

s an inte'ral art of the +ro osed Debt Settlement under ara'ra h (ii) (a) above,* 6 i h i d i l d' d i


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*'6 &ropo#e% A$!"#"t"on#

*'6', &ropo#e% A$!"ree Compan"e# A$!"#"t"on*ewco ro oses to ac6uire the followin'5

the entire e6uit! interest in +SI comrisin' 1,%%%,817 ordinar! shares of&34## each in +SI (+SI Shares) for a urchase consideration of&73,%8#,### to be satis0ed b! the issuance of 73,%8#,### new *ewcoShares at &34## er *ewco Share (+ro osed +SI c6uisition)9

the entire e6uit! interest in -SB comrisin' :7#,### ordinar! shares of&34## each in -SB ( -SB Shares) for a urchase consideration of&3:,:#:,### to be satis0ed b! the issuance of 3:,:#:,### new *ewcoShares at &34## er *ewco Share (+ro osed -SB c6uisition)9 and

the entire e6uit! interest in &.SB comrisin' 7##,### ordinar! shares of&34## each in &.SB (&.SB Shares) for a urchase consideration of&;,331,### to be satis0ed b! the issuance of ;,331,### new *ewco Sharesat &34## er *ewco Share (+ro osed &.SB c6uisition)4

(collectivel! referred to as the +ro osed c6uiree Comanies c6uisition)

*'6'* &ropo#e% Se$!re% A##et# A$!"#"t"on

s an inte'ral art of the +ro osed Debt Settlement, *ewco ro osed to ac6uire theSecured ssets from the Secured ssets endors for a urchase consideration of

&8,;18,:77 to be satis0ed b! the issuance of 8,;18,:77 *ewco &CS>S at thenominal value of &34## er *ewco &CS>S4


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S arisin' from the +ro osedShare ./chan'e, +ro osed Debt Settlement and +ro osedc6uisitions, and the new *ewco Shares to be issuedursuant to the conversion of *ewco IC >S and *ewco&CS>S, and the +roosed >istin' Status


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(i) the shareholders of FWI at an e/traordinar! 'eneral meetin'to the convened for the +ro osed Share ./chan'e and

'enerall! for the +ro osed &estructurin' Scheme9


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(A) the shareholders and Scheme Creditors of FWI under Section

3;: of the ct for the +ro osed Share ./chan'e and the+ro osed Debt Settlement, and 'enerall! for the +ro osed&estructurin' Scheme9

(%)


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(v)


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*'6'6 In3ormat"on on A$ !"ree Compan"e#

(a) In3ormat"on on M&SI

+SI was incororated in ala!sia under the ct on %; Se tember 3??3 as arivate limited coman! under the name of Chan' n


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+ro0t fter


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chan'ed its name to D!ma/ arketin' Sdn Bhd on % $ul! 3??:4 Subse6uentl!it chan'ed it name to +SI@D!ma/ *etworks Sdn Bhd on 3; $ul! %##3and

assumed its resent name on +SI *etworks Sdn Bhd on 7 $ul! %##%4


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*SB is &3,###,###, comrisin' 3,###,### ordinar! shares of &34## each,of which &?"#,### comrisin' ?"#,### ordinar! shares of &34## each

have been issued and full! aid@u 4*SB is rinci all! involved in mechanical en'ineerin', fabrication andmarketin' of trans ortation e6ui ment4 *SB is a wholl!@owned subsidiar! of +SI4


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16/38

D"re$tor# o3 M;SB D"re$t In%"re$tNo' o3 M;SBShare# he.%

5he.%

No' o3 M;SBShare# he.%

5he.%

+uan Sri Datin inuira Sabki @ @ "##,### H 7#4#ohd &osmadi bin Che arun 3#,### 347 "##,### HH 7#4#Chia +ian Cheow 1#,### :4% @ @

Note:H &eemed interested # 'irtue of her sustantial shareholdin( in Mesti)a *apital Sdn +hdHH &eemed interested # 'irtue of his sustantial shareholdin( in Mesti)a *apital Sdn +hd

Ma4or #hareho.%er# o3M;SB

D"re$t In%"re$t


5he.%


5he.%

estika Caital Sdn Bhd :##,### ?%4" @ @ohd &osmadi Bin Chearun

3#,### 347 @ @

Chia +ian Cheow 1#,### :4% @ @

summar! of the ke! audited 0nancial data of -SB for the ast three (")0nancial !ears ended "3 arch 3??8 to %##3, 0nancial eriod ended "#Se tember %##3 and 0nancial !ear ended "# Se tember %##% are as follows5

F"nan$"a. year en%e% 7, Mar$h

F"nan$"a.per"o%

en%e% 7+Septem-

er

F"nan$"a.year

en%e% 7+Septem-e

r,992 ,999 *+++ *++, *++,< *++*


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In3ormat"on on M;SB :en%or#


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20/38


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*'6'= In3ormat"on on the Se$!re% A##et#

hereapp."$a-.e) Area

Co#t an%Date o3

In8e#tmentEn$!m-ran$

e#

Net Boo/ :a.!e a# at 7,

?!.y *++*

RMS!are

3eet RM RM>ot 3#7, &awan'Inte'rated Industrial+ark, ukim &awan',Daerah Eombak,Selan'or

>and Freehold %,###,### Stora'e1 !ears

Steelfabrication

3%%,:8% %,31:,?"7%% Februar!

3???

-es %,:%",887

>ot 3#1, &awan'Inte'rated Industrial+ark, ukim &awan',Daerah Eombak,Selan'or

>and andbuildin' Freehold 1,:##,### B

Stora'e; !ears Steelfabrication 3%%,:8% %,?#1,###; $une 3??: -es 8,1#1,#:%

>ot 33, $alan 3",awasan +erusahaanFoundr!, &asa ulu,Selan'or

>and >easeholdfor ??!ears

37#,### acant: !ears

For rental %3,8:% 371,"71%% $ul! 3??;

-es 31?,;8:

3 unit of uraki C*CBorin' and illin'achine and 3 unit ofBonviJ !draulic +ress

+lant andmachiner!

*ota licable

3,??8,:77 Borin'and

millin'

Borin' andmillin'

*ota licable

H


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*'= &ropo#e% E0empt"on

on comletion of the +ro osed c6uisitions, the endors and arties actin' inconcert with them will collectivel! own more than "" of the enlar'ed issued andaid@u share ca ital of *ewco4 s such, ursuant to S b! wa! of havin' a lacement and2or o=er for sale for the urose of meetin'the s read re6uirement of not less than 3## IC >S holders holdin' not less than oneboard lot of 3## IC >S each4

*'2 &ropo#e% L"#t"n1 Stat!# Tran#3er

on comletion of the above, an a lication will be made to the >S. for thefollowin'5

de@listin' of FWI from the Second Board of the >S.9transfer of the listin' status of FWI on the Second Board of the >S. to *ewco9


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7' ISSUE &RICE AND RANKIN OF THE NEW NEWCO SHARES NEW NEWCOICULS AND NEW NEWCO RCSLS

7', Ne> Ne>$o Share#

S., the issue rice of &34## er new *ewco Share is at a remiumof a ro/imatel! 7%7 over the 0ve (7)@da! wei'hted avera'e market rice of FWIShares u to %? October %##% of +:4


24/38

aturit! Date 5 Sthrou'hout the tenure of the *ewco IC >S

+a!ment of Cou on 5 S u toand includin' 74## m (uala >umur time) on the aturit!Date, but e/cludin' those da!s durin' the eriod on whichthe &e'ister of embers and2or the *ewco IC >S &e'ister isor are closed

Conversion +rice 5 &34## nominal value of *ewco IC>S in e/chan'e for ever!one (3) new *ewco Share

Conversion &i'hts 5 S will be mandatoril! converted into*ewco Shares on the aturit! Date at the Conversion +rice

ot of3## IC >S or other denomination as determined b! the >S.

>i i ' 5 li i ill b d f h d i i f * IC>S


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+urchase of *ewcoIC >S

5 S and cancel themaccordin'l!

S

Issue SiKe 5 .stimated at &8,;18,:77 in nominal value

S

aturit! Date 5 S throu'hout thetenure of the *ewco &CS>S

+a!ment of Cou on 5


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(iii) 1# on the 0fth (7 th ) anniversar! of the date of issue ofthe *ewco &CS>S


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conditions, natural disasters, labour dis utes, accidents, chan'es in 'overnmentle'islation and riorities and unforeseen roblems and circumstances4

lthou'h the *ewco Erou ma! make necessar! e=orts to seek to miti'ate thevarious business risks and to stren'then its cometitiveness, no assurance can be'iven that an! or all of the above risk factors will not have a material adverse e=ecton its future business erformance or ros ects, which would in turn, a=ect its0nancial osition4

' Compet"t"on

*ewco Erou faces cometition from various la!ers in its oil and 'as andtrans ortation businesses, inclusive of rivate and ublic comanies and otentialentrants4 lthou'h the new mana'ement of *ewco believes that its roven trackrecord and e/ ertise will enable *ewco to remain cometitive in the future, therecan be no assurance that *ewco will be able to maintain or increase its e/istin'market share4

'6 Ne> $ontro.."n1 #hareho.%er#

on comletion of the +ro osals, a new 'rou of controllin' shareholders (i4e4 theendors) will emer'e in *ewco4


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desi'n, construction and roAect mana'ement and civil and mechanicalen'ineerin' in oil and 'as industries4


29/38

domestic@led and rivate sector@driven, articularl! in new niche areas of servicesincludin' tourism, trans ort, education, health and also a'riculture4

Source9 :conomic Report 2%%2;2%%$ as pu lished # the Ministr# of inance3

=' RATIONALE FOR THE &RO&OSALS

Based on the audited 0nancial statements of FWI Erou as at "3 $ul! %##%, FWIErou hadaccumulated losses of a ro/imatel! &"34;: million and de0cit shareholdersG fundsof : million4

On 1 Februar! %##3, FWI had announced to the >S. that it is an a=ected listedissuer ursuant to +*12%##3 of the >istin' &e6uirements of >S. and is re6uired tore'ularise its 0nancial condition within the time frame sti ulated in the +ractice *ote,failin' which, the Coman! ma! be sus ended and2or de@listed from the OMcial >istof the >S.4 In this res ect, tradin' in FWI Shares has been sus ended since %?October %##%4

On , FWI had also announced that it received a notice to show cause from the >S.on %8 a! %##" on the de@listin' of FWIGs securities ursuant to +*12%##3 of the>istin' &e6uirement of >S.4

ence, 'iven the level of debts as well as the ossible de@listin' of FWI from theOMcial >ist of the >S., there is an ur'ent need for FWI to address its 0nancialosition and undertake ade6uate measures to re'ularise its 0nancial conditionthrou'h the imlementation of the +ro osed &estructurin' Scheme4


30/38

assets4


31/38


32/38

(iii) IS arisin' from the +ro osed Share ./chan'e, +ro osed DebtSettlement and +ro osed c6uisitions, and the new *ewco Shares to beissued ursuant to the conversion of *ewco IC >S and *ewco &CS>S, and the+ro osed >istin' Status


33/38

,,' A&&LICATION TO THE SC

n a lication to the SC on the +ro osals is e/ ected to be made within three (")months from the date of this announcement4

,*' DE&ARTURE FROM THE SC S &OLICIES AND UIDELINES ON ISSUEOFFEROF

SECURITIES


34/38

Ta-.e ,G E e$t# on the "##!e% an% pa"% !p #hare $ap"ta.

S$enar"o ,G ssumin' full conversion of *ewco &CS>S and *ewco IC >S into *ewco SharesS$enar"o *G ssumin' full redemtion of *ewco &CS>S and full conversion of *ewco IC >S into *ewco Shares

S$enar"o I S$enar"o *

FWI Ne>$o Ne>$o

RMC!m!.at"8e

RM

RMC!m!.at"8e

RM

RMC!m!.at"8e

RMIssued and aid@u share ca ital as at "3 $ul!%##%

%:,888,### %:,888,### 3#,### 3#,### 3#,### 3#,###

Shares to be issued for5+roosed Share ./chan'e 7,";;,:## 7,"8;,:## 7,";;,:## 7,"8;,:##

+roosed &i'hts Issue 3:,3:%,8# #%3,77#,1## 3:,3:%,8#

#%3,77#,1##

+roosed Debt Settlement 3#,;3:,";

#

"%,%::,;;# 3#,;3:,";

#

"%,%::,;;#

+roosed c6uisitions ;7,###,## #3#;,%::,;;# ;7,###,##

#3#;,%::,;;#

.nlar'ed ca ital of *ewco 3#;,%::,;;# 3#;,%::,;;#Full conversion2redemtion of *ewco &CS>S at&34## er share

8,;18,:77 33:,#37,1%7 @ 3#;,%::,;;#

Full conversion of *ewco IC>S at & 34## ershare

?,;:?,%:7 3%7,;81,:?# ?,;:?,%:7 33;,#":,#"7

Full! enlar'ed ca ital of *ewco 3%7,;81,:?# 33;,#":,#"7

+a'e "1 of "8


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Ta-.e *G E e$t# on #hareho.%"n1# #tr!$t!re (A##!m"n1 a3ter S$enar"o ,)

FWI Ne>$oI II III I: : :I

E0"#t"n1 a# at 9De$em-er *++*

E0"#t"n1 a# at 9De$em-er

*++*

A3ter &ropo#e%Share E0$han1e

A3ter I an% &ropo#e%R"1ht# I##!e

A3ter II an%&ropo#e% De-t

Sett.ement

A3ter III an%&ropo#e%

A$!"#"t"on#

A3ter I: an%&ropo#e%

&.a$ementRe#tr"$te% Oer For Sa.e

A3ter : an% S$enar"oI

N!m-ero3 #hare#

5 N!m-er o3

#hare#

5 N!m-ero3 #hare#

5 N!m-er o3 #hare#

5 N!m-ero3 #hare#

5 N!m-er o3 #hare#

5 5 N!m-er o3 #hare#

5

E0"#t"n1Ne>$o#hareho.%er#

,++++ ,++'+

,++++ +'* ++++ +'* ++++ +', ++++ +'+ ++++ +'+ ++++ +'+

E0"#t"n1 FWI#hareho.%er# Ma4or

#hareho.%er#

,+62*+++

79' *,,= ++

79'7 2 =6=++ 79'7 2 =6=++ *='* 2 =6=++ @'9 2 =6=++ @'9 2 =6=++ ='@

Other#hareho.%er#

,=7+=+++

=+'= 7*=,*++

=+'6 ,7+ 2++ =+'6 ,7+ 2++

+' ,7+ 2++ ,*'* ,7+ 2++ ,*'* ,7+ 2++ ,+'

M&SI:en%or#

6,*2++++ @'2 2+2++++ '2 2+2++++ 72'*

M;SB:en%or#

,==+=+++ ,6'6 ,==+=+++ ,6'6 ,==+=+++ ,7'*

RESB:en%or#

@,, +++ ='= @,, +++ ='= @,, +++ 6'@

Se$!re%A##et#:en%or#

2@2=66 @'+

S$hemeCre%"tor# B

,+@,= 7@+

77'7 ,+@,=7@+ ,+'+ 9@=9*=6 @'2

&.a$ee#Oer3or #a.e#!-#$r"-er#

,79,=7@+ A

,7'+ ,79,=7@+ ,,'+

Tota . *=222+++

,++'+

,++++ ,++'+

672@=++

,++'+

*,66+ ++ ,++'+ 7**== @@+

,++'+

,+@*==@@+

,++'+

,+@*==@@+

,++'+

,*6@2 =9+

,++'+

Note: A or illustrati'e purposes, it is assumed that MPSI endors and Scheme *reditors will underta)e a placement;restricted o=er for sale of appro>imatel# 1$?2 million @ewco Shares to ensure compliance

with the 25A pulic shareholdin( spread re!uirementsB 0ssumin( the listin( spread re!uirement of ha'in( not less than 1%% I*/6S holders holdin( not less than one 13 oard lot of 1%% I*/6S each ha'e een met

+a'e "7 of "8


36/38

Ta-.e 7G E e$t# on #hareho.%"n1# #tr!$t!re (A##!m"n1 a3ter S$enar"o *)

FWI Ne>$oI II III I: : :I

E0"#t"n1 a# at 9De$em-er *++*

E0"#t"n1 a# at 9De$em-er

*++*

A3ter &ropo#e%Share E0$han1e

A3ter I an% &ropo#e%R"1ht# I##!e

A3ter II an%&ropo#e% De-t

Sett.ement

A3ter III an%&ropo#e%

A$!"#"t"on#

A3ter I: an%&ropo#e%

&.a$ementRe#tr"$te% Oer For Sa.e

A3ter : an% S$enar"o*

N!m-ero3 #hare#

5 N!m-er o3

#hare#

5 N!m-ero3 #hare#

5 N!m-er o3 #hare#

5 N!m-ero3 #hare#

5 N!m-er o3 #hare#

5 5 N!m-er o3 #hare#

5

E0"#t"n1Ne>$o#hareho.%er#

,++++ ,++'+

,++++ +'* ++++ +'* ++++ +', ++++ +'+ ++++ +'+ ++++ +'+

E0"#t"n1 FWI#hareho.%er# Ma4or

#hareho.%er#

,+62*+++

79' *,,= ++

79'7 2 =6=++ 79'7 2 =6=++ *='* 2 =6=++ @'9 2 =6=++ @'9 2 =6=++ @'*

Other#hareho.%er#

,=7+=+++

=+'= 7*=,*++

=+'6 ,7+ 2++ =+'6 ,7+ 2++

+' ,7+ 2++ ,*'* ,7+ 2++ ,*'* ,7+ 2++ ,,'*

M&SI:en%or#

6,*2++++ @'2 2+2++++ '2 2+2++++ ,',

M;SB:en%or#

,==+=+++ ,6'6 ,==+=+++ ,6'6 ,==+=+++ ,'*

RESB:en%or#

@,, +++ ='= @,, +++ ='= @,, +++ =',

Se$!re%A##et#:en%or#

S$hemeCre%"tor# B

,+@,= 7@+

77'7 ,+@,=7@+ ,+'+ 9@=9*=6 2'

&.a$ee#Oer3or #a.e#!-#$r"-er#

,79,=7@+ A

,7'+ ,79,=7@+ ,,'2

Tota . *=222+++

,++'+

,++++ ,++'+

672@=++

,++'+

*,66+ ++ ,++'+ 7**== @@+

,++'+

,+@*==@@+

,++'+

,+@*==@@+

,++'+

,,@+7=+76

,++'+

Note: 0 or illustrati'e purposes, it is assumed that MPSI endors and Scheme *reditors will underta)e a placement;restricted o=er for sale of appro>imatel# 1$?2 million @ewco Shares to ensure compliance

with the 25A pulic shareholdin( spread re!uirements?+ 0ssumin( the listin( spread re!uirement of ha'in( not less than 1%% I*/6S holders holdin( not less than one 13 oard lot of 1%% I*/6S each ha'e een met

+a'e ": of "8


37/38

Ta-.e G &ro3orma Ee$t# on NTA

FWI Ne>$o I II III I: : :I

A!%"te% a# at7, ?!.y *++*

Una!%"te% a# at 7+Septem-er

*++*

&ropo#e%Share

E0$han1e

A3ter I an%&ropo#e%

R"1ht#I##!e

A3ter II an%&ropo#e%

De-tSett.ement

A3ter IIIan%

&ropo#e%A$!"#"t"on#

A3ter I: an%a##!m"n1

S$enar"o ,

A3ter I: an%a##!m"n1

S$enar"o *

RM RM RM RM RM RM RM RMShare ca ital Nordinar!

%:,888,### 3#,### 7,"8;,:## %3,77#,1## "%,%::,;;# 3#;,%::,;;# 3%7,;81,:?# 33;,#":,#"7

Share remium 1,33","8: @ @ @ @ @ @ @Other reserves ",1;% @ @@ @ @ @ @ @ccumulated losses ("3,;:#,"1%) @ (;,";;4:##)

0(;,";;,:##

)(%;,8:",%"7) (%;,8:",%"7) (%;,8:",%"7) (%;,8:",%"7)

ShareholdersG funds (;77,181) 3#,### (3,??#,###) 31,3;%,8## 31,3;%,8## ;?,1#",7"7 ?;,?%3,177 8?,3;%,8##Intan'ibles assets @ (3#,###) (3#,###) (3#,###) (3#,###) (7;,;;#,:#?) (7;,;;#,:#?) (7;,;;#,:#?)

*< (;77,181) @ (%,###,###) 31,3:%,8## 31,3:%,8## %3,:"%,?%: 1#,37#,81: "3,1#%,3?3*< er share (&) (#4#") @ (#4";) #4:: #411 #4%# #4"% #4%;dAusted *< er share(&)

#4"1 +

@otes9 0 Stated after nettin( o= the estimated e>penses of RM2 million for the Proposals+ The @T0 per @ewco Share has een adBusted to include the forecast after ta> pro"t of RM8,2.5,%%% for the "nancial #ear endin( $% Septemer 2%%4 and RM,C.,2.5 of

@ewco I*/6S ased on the assumption that the @ewco I*/6S ha'e alread# een con'erted, which complies with the S*Ds re!uirement of ha'in( at least $$A of the par 'alueof @ewco Shares of RM1?%% each immediatel# on implementation of the Proposed Restructurin( Scheme, ut efore Scenario 1 and Scenario 2

+a'e "; of "8


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