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CI Holdings Bhd updates on proposed acquisition of Continental Resources Sdn Bhd


Monday, 16 Dec 2013 07:00pm EST 

CI Holdings Bhd:Refers to the announcement made earlier, in relation to proposed acquisition of the entire issued and paid-up share capital of Continental Resources Sdn Bhd (CRSB), comprising 1,800,000 ordinary shares of 1.00 malaysian ringgit each in CRSB, for a purchase consideration of 42.0 mln malaysian ringgit.Says the purchase consideration is to be satisfied via the issuance of 20,000,000 new ordinary shares of 0.50 malaysian ringgit each in CIH (CIH shares) at an issue price of 1.10 per malaysian ringgit CIH share and the remaining 20.0 mln malaysian ringgit in cash.Says the Securities Commission Malaysia (SC) had, vide its letter dated Dec. 16, granted its approval for the Proposed Acquisition.Says CRSB to comply with regard to its properties, CRSB is to rectify all unapproved buildings/ structures/ extensions within six months from the date of the SC’s approval letter.Says IB and CIH to fully comply with the requirements of the SC’s Equity Guidelines and Bursa Malaysia Securities Berhad’s Main Market Listing Requirements pertaining to the implementation of the proposed acquisition.Says the SC has also informed that the Proposed Acquisition has been approved under the equity requirement for public companies. 

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19 Dec 2014