October 22, 2013

Company announcements: SKPETRO, PATIMAS, SAM

SKPETRO - OTHERS SAPURAKENCANA PETROLEUM BERHAD ("SKPB" OR "COMPANY") PROPOSED ACQUISITION OF NEWFIELD INTERNATIONAL HOLDINGS INC. MALAYSIAN OIL & GAS ASSETS(“PROPOSED TRANSACTION”)

Announcement Type: General Announcement
Company NameSAPURAKENCANA PETROLEUM BERHAD  
Stock Name SKPETRO  
Date Announced22 Oct 2013  
CategoryGeneral Announcement
Reference NoSP-131022-69315

TypeAnnouncement
SubjectOTHERS
DescriptionSAPURAKENCANA PETROLEUM BERHAD ("SKPB" OR "COMPANY")
PROPOSED ACQUISITION OF NEWFIELD INTERNATIONAL HOLDINGS INC. MALAYSIAN OIL & GAS ASSETS(“PROPOSED TRANSACTION”)

  

The Board of Directors of the Company wishes to announce that the Company ("Purchaser") and Newfield International Holdings Inc. ("Seller") have today entered into a conditional sale and purchase agreement ("SPA") in relation to the Proposed Transaction.

Further details on the Proposed Transaction is set out in the attached file.

This announcement is dated 22 October 2013.



PATIMAS - PRACTICE NOTE 1 / GUIDANCE NOTE 5:NEW DEFAULT

Announcement Type: General Announcement
Company NamePATIMAS COMPUTERS BERHAD  
Stock Name PATIMAS  
Date Announced22 Oct 2013  
CategoryGeneral Announcement
Reference NoCC-131022-67044

TypeAnnouncement
SubjectPRACTICE NOTE 1 / GUIDANCE NOTE 5
NEW DEFAULT
DescriptionPATIMAS COMPUTERS BERHAD (“PATIMAS” OR “THE COMPANY”)
DEFAULT IN PAYMENT PURSUANT TO PRACTICE NOTE 1 (“PN1”) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

1. INTRODUCTION

The Board of Directors of Patimas (“the Board”) wishes to announce that Patimas Computer Software Sdn Bhd (“PCSSB”), a subsidiary of the Company had on 17 October 2013 received a Notice of Demand cum Termination dated 8 October 2013 from the advocates and solicitors acting on behalf of Bank Islam Malaysia Berhad (“BIMB”) stating that PCSSB has defaulted in repayment of financing facility and the arrears amount outstanding amounting to RM3,204,457.90.

The details of the said facility are as follows:-

BUSINESS CASHLINE-I OF RM2,000,000.00

Selling price : RM3,500,000.00

(-) Undisbursed facility : RM 980.57

(-) Payment received : RM 294,969.95

(+) Miscellaneous : -

(+) Ta’widh : RM 408.42

Total Outstanding : RM3,204,457.90

Prior to the above default, the Company was classified as a PN1 status company on 28 November 2013 and there is no further development on the status of default in payment of principal and interests accrued as at todate. In addition, the Company had on 1 November 2012 triggered Paragraph 8.04 and Paragraph 2.1(d) of the Main Market Listing Requirements, which resulted in the Company being designated a PN17 status company. The Company is presently in the midst of formulating a regularisation plan to address its PN17 status.

2. DETAILS OF DEFAULT

The details of the Default are as follows:-

(a) Date of Default

The date of default is 22 October 2013.

(b) Reasons for the Default

The reason for the Default was that the current cash flow generated from the operations of Patimas and its subsidiaries (“Patimas Group”) is insufficient to repay the outstanding amount.

(c) Measures by the Company to address the Default

The Company and PCSSB are currently in communication with the BIMB and exploring various options to regularise the default.

(d) Legal implications of the Default including the extent of the Company’s liability in respect of the obligations incurred under the agreements for the indebtedness

The default may have a consequential impact on other on-going bank borrowings of Patimas Group.

(e) Business, financial and operational impact of the Default on the Company

At this point in time, the Default has no material impact on the operations of other operating subsidiaries of Patimas.

(f) Cross Default

To our best knowledge, the Company is of the view that the default of payment does not constitute an event of default under a different agreement for indebtedness (cross default).

(g) Confirmation on subsidiary

PCSSB is not a major subsidiary of Patimas.

(h) Solvency declaration

Currently, the Group is in negotiation with its lenders and creditors to negotiate the steps to improve the Group’s cash position with the indulgence and support from the lenders and creditors. There is no major development on the status of default in payment of principal and interests accrued as at todate.

The solvency of the Group is dependent upon the successful implementation of the restructuring exercise under PN17 currently being formulated by the Group. At this point in time, the Board of Directors is not able to provide to Bursa Securities the Solvency Declaration Statement due to the ongoing exercises above.

This announcement is dated 22 October 2013.



SAM - Additional Listing Announcement

Announcement Type: Additional Listing Announcement (ALA)
Company NameSAM ENGINEERING & EQUIPMENT (M) BERHAD  
Stock Name SAM  
Date Announced22 Oct 2013  
CategoryAdditional Listing Announcement (ALA)
Reference NoCC-131022-41061

1. Details of Corporate Proposal

Whether the corporate proposal involves the issuance of new type
and new class of securities?
No
Types of corporate proposalOthers
Details of corporate proposalConversion of Irredeemable Convertible Unsecured Loan Stocks to Ordinary Shares
No. of shares issued under this corporate proposal180,000
Issue price per share ($$)MYR 1.000
Par Value ($$)MYR 1.000
Latest issued and paid up share capital after the above corporate proposal in the following
Units73,290,206
CurrencyMYR 73,290,206.000
Listing Date25/10/2013


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