September 3, 2013

Company announcements: GTRONIC, LTKM, WEIDA, TOYOINK, IRMGRP

GTRONIC - Changes in Sub. S-hldr's Int. (29B) - General Produce Agency Sdn Berhad

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameGLOBETRONICS TECHNOLOGY BERHAD  
Stock Name GTRONIC  
Date Announced3 Sept 2013  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-130903-FA9FD

Particulars of substantial Securities Holder

NameGeneral Produce Agency Sdn Berhad
Address66B Penang Street, 10200 Penang
NRIC/Passport No/Company No.1268-U
Nationality/Country of incorporationMalaysia
Descriptions (Class & nominal value)Ordinary shares of RM0.50 each
Name & address of registered holder1) General Produce Agency Sdn Berhad of 66B Penang Street, 10200 Penang
2) Wiserite Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang
3) Glencare Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Acquired29/08/2013
5,000
 
Acquired30/08/2013
5,000
 
Acquired02/09/2013
5,000
 

Circumstances by reason of which change has occurredOpen market purchases via Glencare Sdn Bhd
Nature of interestDeemed
Direct (units)20,480,408 
Direct (%) 
Indirect/deemed interest (units)51,080,741 
Indirect/deemed interest (%) 
Total no of securities after change71,561,149
Date of notice03/09/2013


GTRONIC - Changes in Sub. S-hldr's Int. (29B) - Malaysian Technology Development Corporation Sdn Bhd

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameGLOBETRONICS TECHNOLOGY BERHAD  
Stock Name GTRONIC  
Date Announced3 Sept 2013  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-130903-FA7B0

Particulars of substantial Securities Holder

NameMalaysian Technology Development Corporation Sdn Bhd
AddressLevel 8 Menara Yayasan Tun Razak, Jalan Bukit Bintang, 55100 Kuala Lumpur
NRIC/Passport No/Company No.235796-U
Nationality/Country of incorporationMalaysia
Descriptions (Class & nominal value)Ordinary shares of RM0.50 each
Name & address of registered holder1) Malaysian Technology Development Corporation Sdn Bhd of Level 8 Menara Yayasan Tun Razak, Jalan Bukit Bintang, 55100 Kuala Lumpur
2) Wiserite Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang
3) Glencare Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Acquired29/08/2013
5,000
 
Acquired30/08/2013
5,000
 
Acquired02/09/2013
5,000
 

Circumstances by reason of which change has occurredOpen market purchases via Glencare Sdn Bhd
Nature of interestDeemed
Direct (units)121,199 
Direct (%) 
Indirect/deemed interest (units)51,080,741 
Indirect/deemed interest (%) 
Total no of securities after change51,201,940
Date of notice03/09/2013


GTRONIC - Changes in Director's Interest (S135) - Ng Kok Khuan

Announcement Type: Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Company NameGLOBETRONICS TECHNOLOGY BERHAD  
Stock Name GTRONIC  
Date Announced3 Sept 2013  
CategoryChanges in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Reference NoCC-130903-FA399

Information Compiled By KLSE

Particulars of Director

NameNg Kok Khuan
Address66B Penang Street, 10200 Penang
Descriptions(Class & nominal value)Ordinary shares of RM0.50 each

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted (RM)
Acquired
29/08/2013
5,000
2.640 
Acquired
30/08/2013
5,000
2.630 
Acquired
02/09/2013
5,000
2.570 

Circumstances by reason of which change has occurredOpen market purchases via Glencare Sdn Bhd
Nature of interestDeemed
Consideration (if any) 

Total no of securities after change

Direct (units)40,000 
Direct (%)0.01 
Indirect/deemed interest (units)778,513 
Indirect/deemed interest (%)0.28 
Date of notice03/09/2013

Remarks :
The total percentage of securities acquired is 0.01%. This announcement is also made to comply with Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.


GTRONIC - Changes in Sub. S-hldr's Int. (29B) - Ng Kweng Chong

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameGLOBETRONICS TECHNOLOGY BERHAD  
Stock Name GTRONIC  
Date Announced3 Sept 2013  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-130903-FA914

Particulars of substantial Securities Holder

NameNg Kweng Chong
Address66B Penang Street, 10200 Penang
NRIC/Passport No/Company No.480224-07-5163
Nationality/Country of incorporationMalaysian
Descriptions (Class & nominal value)Ordinary shares of RM0.50 each
Name & address of registered holder1) Ng Kweng Chong of 66B Penang Street, 10200 Penang
2) Gooi Mei Hoon of 46-A Jalan Sultan Ahmad Shah, 10050 Penang
3) Ng Kok Yu of 46-A Jalan Sultan Ahmad Shah, 10050 Penang
4) Ng Hooi Chin of 46-A Jalan Sultan Ahmad Shah, 10050 Penang
5) Ng Kweng Chong Holdings Sendirian Berhad of 51-21-A Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Penang
6) Wiserite Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang
7) Glencare Sdn Bhd of Suite 2-1, 2nd Floor, Menara Penang Garden, 42-A Jalan Sultan Ahmad Shah, 10050 Penang

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Acquired29/08/2013
5,000
 
Acquired30/08/2013
5,000
 
Acquired02/09/2013
5,000
 
Disposed29/08/2013
8,500
 

Circumstances by reason of which change has occurred1. Open market purchases via Glencare Sdn Bhd
2. Open market disposals by Ng Kok Yu (son)
Nature of interestDeemed
Direct (units)2,594,071 
Direct (%) 
Indirect/deemed interest (units)62,476,585 
Indirect/deemed interest (%) 
Total no of securities after change65,070,656
Date of notice03/09/2013


LTKM - Changes in Director's Interest (S135) - Lim Hooi Tin

Announcement Type: Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Company NameLTKM BERHAD  
Stock Name LTKM  
Date Announced3 Sept 2013  
CategoryChanges in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Reference NoCC-130903-36946

Information Compiled By KLSE

Particulars of Director

NameLim Hooi Tin
Address43, Leboh Enggang, Kawasan 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan
Descriptions(Class & nominal value)Ordinary Shares of RM1.00 each

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted (RM)
Acquired
30/08/2013
5,900
2.040 

Circumstances by reason of which change has occurredAcquisition of shares in open market
Nature of interestIndirect Interest
Consideration (if any) 

Total no of securities after change

Direct (units)200,000 
Direct (%)0.46 
Indirect/deemed interest (units)28,012,002 
Indirect/deemed interest (%)64.59 
Date of notice03/09/2013

Remarks :
The acquisition of 5,900 ordinary shares of RM1.00 each represent 0.0136% of the total paid-up capital of the Company by YBJ Capital Sdn. Bhd., a company controlled by Tan Yee Boon, son of Madam Lim Hooi Tin.

Based on the paid-up capital of the Company of RM43,368,002 divided into 43,368,002 ordinary shares of RM1.00 each as at 19 October 2011.

This announcement serves as an announcement pursuant to Paragraph 14.09 of the Main Market Lisitng Requirements for dealing outside the closed period.

This notice was received on 3 September 2013.


LTKM - Changes in Director's Interest (S135) - Tan Kok

Announcement Type: Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Company NameLTKM BERHAD  
Stock Name LTKM  
Date Announced3 Sept 2013  
CategoryChanges in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Reference NoCC-130903-38874

Information Compiled By KLSE

Particulars of Director

NameTan Kok
Address43, Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan
Descriptions(Class & nominal value)Ordinary Shares of RM1.00 each

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted (RM)
Acquired
30/08/2013
5,900
2.040 

Circumstances by reason of which change has occurredAcquisition of shares in open market
Nature of interestIndirect Interest
Consideration (if any) 

Total no of securities after change

Direct (units)1,152,700 
Direct (%)2.66 
Indirect/deemed interest (units)28,012,002 
Indirect/deemed interest (%)64.59 
Date of notice03/09/2013

Remarks :
The acquisition of 5,900 ordinary shares of RM1.00 each represent 0.0136% of the total paid-up capital of the Company by YBJ Capital Sdn. Bhd., a company controlled by Tan Yee Boon, son of Mr. Tan Kok.

Based on the paid-up capital of the Company of RM43,368,002 divided into 43,368,002 ordinary shares of RM1.00 each as at 19 October 2011.

This announcement serves as an announcement pursuant to Paragraph 14.09 of the Main Market Listing Requirements for dealing outside closed period.

This notice was received on 3 September 2013.


LTKM - Changes in Sub. S-hldr's Int. (29B) - Tan Kok

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameLTKM BERHAD  
Stock Name LTKM  
Date Announced3 Sept 2013  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-130903-39153

Particulars of substantial Securities Holder

NameTan Kok
Address43 Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan
NRIC/Passport No/Company No.510815-10-5031
Nationality/Country of incorporationMalaysian
Descriptions (Class & nominal value)Ordinary Shares of RM1.00 each
Name & address of registered holderTan Kok
43 Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan

Ladang Ternakan Kelang Sdn. Berhad
Suite B, 1st Floor, Wisma Hup Tai
No. 1, Lorong Raja Bot
41400 Klang
Selangor Darul Ehsan

Tan Yee Boon
43, Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan

YBJ Capital Sdn. Bhd.
Room 102, 2nd Floor, Wisma Hup Tai
No. 1, Lorong Raja Bot
41050 Klang
Selangor Darul Ehsan

Tan Yee Siong
43, Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan

Tan Yee Hou
43, Leboh Enggang, Kaw 17, Off Jalan Meru
41050 Klang
Selangor Darul Ehsan

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Acquired30/08/2013
5,900
2.040 

Circumstances by reason of which change has occurredAcquisition of shares in open market
Nature of interestIndirect Interest
Direct (units)1,152,700 
Direct (%)2.66 
Indirect/deemed interest (units)28,012,002 
Indirect/deemed interest (%)64.59 
Total no of securities after change29,164,702
Date of notice03/09/2013

Remarks :
Total no. of shares held after change

Direct Interest
-Registered in the name of Tan Kok 1,152,700 (2.66%)

Indirect Interest
-Registered in the name of Ladang Ternakan Kelang Sdn. Berhad 26,532,002 (61.18%)#

-Registered in the name of YBJ Capital Sdn. Bhd. 856,000 (1.97%)^

-Registered in the name of Tan Yee Boon 450,000 (1.04%)*

-Registered in the name of Tan Yee Siong 164,000 (0.38%)*

-Registered in the name of Tan Yee Hou 10,000 (0.02%)*
______________________
Total 29,164,702 (67.25%)
===================

# Deemed interest by virtue of being a substantial shareholder in Ladang Ternakan Kelang Sdn. Berhad, which is a substantial shareholder of LTKM Berhad.

^Deemed interest pursuant to Section 6A(4) of the Companies Act, 1965 by Mr. Tan Yee Boon's shareholdings in YBJ Capital Sdn. Bhd.

*Enforcement of new Section 134(12)(C) under the Companies (Amendment) Act, 2007 effective 15 August 2007.


WEIDA - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS):RELATED PARTY TRANSACTIONS

Announcement Type: General Announcement
Company NameWEIDA (M) BHD  
Stock Name WEIDA  
Date Announced3 Sept 2013  
CategoryGeneral Announcement
Reference NoCC-130709-30214

TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
DescriptionRELATED PARTY TRANSACTION – PROPOSED DISPOSAL BY WEIDA ENVIRONMENTAL TECHNOLOGY SDN. BHD. (“WET”) ITS ENTIRE 67.9% SHAREHOLDING IN UTIC SERVICES SDN. BHD. (“UTIC Services”)
Introduction
Weida (M) Bhd. (“Weida” or “the Company”) wishes to announce that its 56% owned subsidiary, Weida Environmental Technology Sdn Bhd (“WET”) ("Vendor") had on 3 September 2013 entered into a sale of share agreement (“SSA”) with Encik Mohd Hafizal bin Omar (“the Purchaser”) of No. 2, Jalan Pulau Lumut U10/76F, Alam Budiman, Seksyen U10, 40170 Shah Alam, Selangor Darul Ehsan for the disposal of its entire 67.9% shareholding in UTIC Services Sdn Bhd (“UTIC Services”) consist of 1,358,000 Ordinary Shares of RM1.00 each (“Sale Shares”) for a total sales consideration of Ringgit Malaysia Two Million Six Hundred and Ten Thousand Only (RM2,610,000.00) [“Proposed Disposal”]:

(1) Information on WET, UTIC Services and the Purchaser

WET was incorporated on 12 September 1996 and has its registered office at Wisma Hock Peng, Ground Floor to 2nd Floor, 123, Green Heights, Jalan Lapangan Terbang, 93250 Kuching, Sarawak. Currently, the business activities carried out by WET are providing water treatment services comprising the design, supply and installation, commissioning and maintenance of water systems.

UTIC Services was incorporated on 12 March 1998 and has its registered office at 36, Jalan Teknologi 3/3A, Surian Industrial Park, Kota Damansara, 47810 Petaling Jaya, Selangor Darul Ehsan. Currently, the business activities carried out by UTIC Services are provision of services covering underground mapping of buried utilities, closed circuit television survey and investigation and rehabilitation of underground sewer and pipeline networks and storm water culverts. The Purchaser is the Director and Shareholder of UTIC services.

(2) Basis of sales consideration

      The sales consideration of RM2,610,000 (“Sales Consideration”) was arrived at based on “willing-buyer willing-seller” and “as is where is” basis after taking into consideration the consolidated net asset value of UTIC Services and the fair value of the Sale Shares.

      Based on the latest audited financial statements for the financial year ended 31 March 2013 of UTIC Services, the consolidated net loss after tax and consolidated net assets of UTIC Services were RM133,363 and RM8,528,729 respectively.

(3) Effect of the Proposed Disposal

The Proposed Disposal is not expected to have a material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the Company.

(4) Expected gain and satisfaction of Sales Consideration
      Based on the net assets of UTIC Services as at 31 March 2013, the expected loss to Weida Group arising from the Proposed Disposal is RM1,781,364.
The Sales Consideration is to be satisfied in cash and will be utilised as working capital for WET by 31 December 2013.

(5) Particulars of all liabilities including contingent liabilities and guarantees to be assumed by the Purchaser, arising from the Proposed Disposal

There is no liability to be assumed by the Purchaser, arising from the Proposed Disposal.

(6) Original cost of investment of the Sale Shares and the date of such investment

The Sale Shares were acquired on 16 December 2004 and 25 June 2008 with consideration sum of RM2,485,654 and RM1,014,000 respectively. As at 31 March 2013, the carrying amount of the investment was RM3,499,654.

(7) Whether the Proposed Disposal is subject to the approval of shareholders and the relevant government authorities and the estimated time frame for submission of the application to the relevant authorities

The Proposed Disposal is not subject to the approval of the shareholders and the relevant government authorities.

(8) The nature and extent of the interests of the directors and/or major shareholders

      The Purchaser is the Director and a major shareholder of UTIC Services.

      Save for the above, none of the directors or major shareholders of Weida nor persons connected with them has any interest, direct or indirect, in the Proposed Disposal.

(9) Rationale for Disposal including any benefit which is expected to accrue to Weida Group as a result of the Proposed Disposal

UTIC Services’s performance did not meet the expectation and it could not fit in the intended overall strategy of Weida Group. Therefore, it is proposed to dispose UTIC Services back to the Purchaser in the best interest of Weida Group. The Purchaser is one of the founders and the members of the key management team of UTIC Services.

(10) The salient features of the SSA, if any, and the time and place where the documents may be inspected

The Proposed Disposal is subject to the following terms and conditions of the SSA:

      (a) UTIC Services shall procure the full release of corporate guarantees issued by Weida to financial institutions and/or leasing companies for the benefit of UTIC Services within six (6) months from the date of the completion of the Proposed Disposal.
        (b) The Sales Consideration shall be payable by the Purchaser to the Vendor in the following manner:

        (I) The sum of RM835,380 being part of the Sales Consideration for the Sale Shares to be paid within three (3) days from the date of completion of the Proposed Disposal.

        (II) The sum of RM1,774,620 being the balance Sales Consideration to be paid in four (4) instalments as follows:
            (i) RM 395,214 to be paid within 14 days from the completion date of SSA;
            (ii) RM 959,210 to be paid upon on or before 1 April 2014;
            (iii) RM138,759 to be paid on or before by 1 May 2014 respectively; and
            (iv) RM 281,437 to be paid on or before 30 June 2014.

        The SSA and all other relevant documents in connection therewith are available for inspection at the registered office of Weida at Wisma Hock Peng, Ground Floor to 2nd Floor, 123, Green Heights, Jalan Lapangan Terbang, 93250 Kuching, Sarawak during normal business hours, for a period of three (3) months from the date of this announcement.

    (11) The date on which the terms of the Proposed Disposal was agreed upon

    The terms of the Proposed Disposal was agreed upon on 3 September 2013.

    (12) Statement by the Board of Directors and the Audit Committee
        Having considered the rationale and all other aspects of the Proposed Disposal, the Board of Directors and the Audit Committee of Weida were of the opinion that the Proposed Disposal is in the best interest of the Weida Group and the terms of the Proposed Disposal is fair, reasonable and on normal commercial terms and hence not detrimental to the interest of the minority shareholders.

    (13) Estimated timeframe for completion of the Proposed Disposal

    Barring any unforeseen circumstances, the Proposed Disposal is expected to be completed within 30 days from the date of SSA.

    (14) Highest percentage ratio of the Proposed Disposal

        The highest percentage ratio applicable to the Proposed Disposal pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements is 0.94%.

    (15) Total amount transacted with Encik Mohd Hafizal bin Omar for the preceding twelve (12) months

    There was no transaction with the Purchaser for the preceding 12 months.

    This announcement is dated 3 September 2013.


    TOYOINK - MATERIAL LITIGATION

    Announcement Type: General Announcement
    Company NameTOYO INK GROUP BERHAD  
    Stock Name TOYOINK  
    Date Announced3 Sept 2013  
    CategoryGeneral Announcement
    Reference NoCS-130903-6E5AA

    TypeAnnouncement
    SubjectMATERIAL LITIGATION
    DescriptionTOYO INK GROUP BERHAD (“TIGB” OR “COMPANY”)
    ORIGINATING SUMMONS NO. 24NCC-14-01/2013
    EXPO HOLDINGS SDN. BHD. & 4 OTHERS AGAINST TIGB

    The terms used herein shall, unless context otherwise stated, bear the same meaning as those defined in the announcement dated 15 January 2013.

    We refer to the announcements dated 15 January 2013, 16 January 2013, 21 January 2013, 22 January 2013, 7 May 2013, 30 May 2013, 19 July 2013 and 19 August 2013 on the above pertaining to the Originating Summons and Interim Injunction Order that were served on the Company on 15 January 2013.

    The Company wishes to announce that further to the Appeal filed by the Plaintiffs, the Court of Appeal had fixed the date for the case management to be held on 12 September 2013.

    TIGB will make the necessary announcement on further development on this matter in due course.

    This announcement is dated 3 September 2013.

    c.c.: Securities Commission Malaysia



    IRMGRP - PRACTICE NOTE 1 / GUIDANCE NOTE 5:NEW DEFAULT (Amended Announcement)

    Announcement Type: General Announcement
    Company NameIRM GROUP BERHAD  
    Stock Name IRMGRP  
    Date Announced3 Sept 2013  
    CategoryGeneral Announcement
    Reference NoCS-130903-2A367

    TypeAnnouncement
    SubjectPRACTICE NOTE 1 / GUIDANCE NOTE 5
    NEW DEFAULT
    DescriptionIRM GROUP BERHAD (“IRMGB”)
    - Default in Payment pursuant to Practice Note 1 (PN1) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements (“Main LR”)
    IRM Group Berhad ("IRMGB" or "The Company") wishes to announce that the Company's subsidiary Industrial Resin (Malaysia) Sdn. Bhd. ("IRMSB"), a subsidiary of the Company has defaulted in its' repayment of the following trade facilities to CIMB Bank Berhad (“CIMB”), Hong Leong Bank Berhad (“HLBB”), and Al-Rajhi Banking & Investment Corporation (Malaysia) Berhad (“Al-Rajhi”) (collectively known as “the Banks”):-
    No.Facility
    Amount Due As At
    28 August 2013
    1.Trade FacilityCIMB – Amount due: RM5.424 million
    2.Trade FacilityHLBB – Amount due: RM7.084 million
    3.Trade FacilityAl-Rajhi – Amount due: RM3.654 million
    4.Revolving Credit Facility (“RC facility”)CIMB – Amount due: RM500,000
    5.Term LoanHLBB – Amount due: RM2.029 million
    6.Term LoanAl-Rajhi – Amount due: RM2.592 million
    7.Structured Commodity Financing (“SCF”)Al-Rajhi – Amount due: RM782,000

    a) Date of default
    No.Facility
    Date of First Default
    1.CIMB – Trade Facility
    14 March 2013
    2.HLBB – Trade Facility
    12 April 2013
    3.Al-Rajhi – Trade Facility
    13 April 2013
    4.CIMB – RC facility
    30 March 2013
    5.HLBB – Term Loan
    1 February 2013
    6.Al-Rajhi – Term Loan
    1 January 2013
    7.Al-Rajhi – SCF
    1 July 2013

    b) Reasons for the default

    Inability to generate sufficient cashflow due to restricted volume of operations following limited financial facility from banks.


    c) Measures by IRMGB to address the default in payment

    Measures taken to address the default are as follows:-

    1) To dispose the chemical tank farm (“The Proposed Disposal”). The Proposed Disposal has no effect on the current operation of the IRMSB. The Proposed Disposal would be used to par down the Groups borrowings. The Company envisages that IRMSB will lease back one of the two (2) tank farms for the use of the Company's resins plant.
    2) To renegotiate with banks to restructure the existing banking facilities. The Company has started negotiation with the Banks on 20 December 2012 and official proposal for repayment scheme was submitted to the Banks on 15 March 2013 for their consideration and approval.
    3) To initiate programmes for a recapitalisation of the Group and other assets disposal.


    d) Legal implications of the default including the extent of the listed issuer’s liability in respect of the obligations incurred under the agreements for the indebtedness

    The extent of the liability of the Company is limited to the corporate guarantees provided in all the facilities amounting to RM56,000,000.


    e) The business, financial and operational impact of the default

    1) Lower volume of production and as a result, lower profitability and temporary ceasure of operation.
    2) A major operational restructuring / retrenchment is on-going to reduce overheads.


    f) In the event the default is in respect of secured loan stocks or bonds, the lines of action available to the guarantors or security holders against the listed issuer

    Not Applicable


    g) in the event the default is in respect of payments under a debenture, to specify whether the Default will empower the debenture holder to appoint a receiver or receiver and manager

    Yes.


    h) where the default is in respect of a subsidiary or associated company, a confirmation as to whether the subsidiary or associated company is a major subsidiary or major associated company, as the case may be;

    IRMSB is a wholly-owned and a major subsidiary of the Company.


    i) where the Default is in respect of a listed issuer, major subsidiary or major associated company, as the case may be -
    (i) a statement as to whether the listed issuer is solvent ("Solvency Declaration"). For this purpose, a listed issuer is regarded as "solvent" if the majority directors have formed the opinion that the listed issuer will be able to pay all its debts as and when they fall due within the period of 12 months from the date of the announcement; and
    (ii) if the listed issuer is solvent, a statement that the listed issuer undertakes to provide to the Exchange, the Solvency Declaration duly executed by its board of directors within 3 market days from the announcement date

    The Company is insolvent.

    This announcement is dated 3 September 2013.


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