Company announcements: KENMARK, RHYTHM, WWE, MMM, SCOMIMR, FAJAR

KENMARK - General Announcement
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
 -Delay in Issuance of Quarterly financial results for the Fourth Quarter and Year Ended 31 March 2010 (Q4/2010)pursuant to Chapter 9.22(1)of the Listing Requirements of Bursa Malaysia Securities Berhad "Bursa Securities") for the Main Market

Contents: The Independent Directors of Kenmark Industrial Co (M) Berhad ("the Company") wishes to announce that the Company will not be able to issue the financial results for the fourth quarter ended 31 March 2010 ("4Q2010 results") by the end of the Relevant Timeframe, i.e. not later than 2 months after the end of each quarter of a financial year, which is 31 May 2010.
 
 The Company has not applied to Bursa Securities for an extension of time to issue the 4Q2010 results. 
 
 The reasons for failing to issue the outstanding Financial Statements within the Relevant Timeframe are:
 
 (i) the Managing Director and Executive Director of the Company are not contactable and the 4Q2010 has not been made available to the Independent Directors. Attempts to contact both the Managing Director and the Executive Director have failed;
 (ii) the Deputy General Manager and the Finance and Administration Manager of the Company have resigned;
 (iii) The Independent Director were told by former executives of the Company that on 27 May 2010, a police report was made by the Company's Deputy Personnel Manager who reported that on 26 May 2010, a few suppliers had taken out items from the Company's premises such as plastic mould, plastic material and office equipment namely, computers, printers, papers, compressors and woods. The Deputy Personnel Manager tried to contact his superiors but could not get them and as a result, the Company's operations at Port Klang had to cease.
 (iv) the Company has today received notification from the solicitors of EON Bank Berhad that they are in the course of appointing a Receiver to Kenmark Paper Sdn Bhd, a wholly-owned subsidiary of the Company that has defaulted on banking facilities. EON Bank Berhad has sealed the Company's premises at Port Klang.
 
 The Independent Directors have been informed by the former executives that the operations of the Group in Malaysia has halted and the business premises has been sealed by EON Bank Berhad on 27 May 2010. As for its operations in Vietnam, the former executives have notified that the local authorities has taken control of the operating premises there on 25 May 2010. Hence the Group has ceased operations for all the companies in the Group. The Independent Directors are taking advice on the next course of action to take and shall make an announcement in due course.
 
 With the business premises sealed by EON Bank Berhad, the Independent Directors view that the assets of the Company is protected to that extent and will wait to discuss with the Receivers to be appointed by EON Bank Berhad. 
 
 A suspension of trading will be effected by Bursa Securities on the next market day after the expiry of 5 market days from the Relevant Timeframe. 
 
 The date suspension of trading will be effected on 8 June 2010. 
 
 The Independent Directors are unable to advise at this juncture as to when the 4Q2010 results can be finalised or issued.
 
 This announcement is dated 31 May 2010.

KENMARK - KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company") -Unusual Market Activity
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
 -Unusual Market Activity

Contents: Further to the announcement that was released this morning in relation to the reply to query from Bursa, the Independent Directors wish to clarify that Kenmark Paper Sdn Bhd has to-date not received the official notification of appointment of receivers by EON Bank Berhad.
 
 The Independent Director also wish to inform that they were told by former executives of the Company that on 27 May 2010, a police report was made by the Company's Deputy Personnel Manager who reported that on 26 May 2010, a few suppliers had taken out items from the Company's premises such as plastic mould, plastic material and office equipment namely, computers, printers, papers, compressors and woods. The Deputy Personnel Manager tried to contact his superiors but could not get them and as a result, the Company's operations had to cease.
 
 The Independent Directors have been informed by the former executives that the operations of the Group in Malaysia has halted and the business premises has been sealed by EON Bank Berhad on 27 May 2010. As for its operations in Vietnam, the former executives have notified that the local authorities has taken control of the operating premises there on 25 May 2010. Hence the Group has ceased operations for all the companies in the Group. The Independent Directors are taking advice on the next course of action to take and shall make an announcement in due course.
 
 This announcement dated 31 May 2010.

KENMARK - General Announcement
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
 Announcement Pursuant to Practice Note 17 
 ("First Announcement")

Contents: 1. INTRODUCTION
 
 Announcement pursuant to the Practice Note 17 ("PN17") of the Main Market Listing Requirements ("LR") of Bursa Malaysia Securities Berhad ("Bursa Securities"), the Independent Directors of Kenmark wishes to announce that Kenmark has triggered one of the prescribed criterions under paragraph 2.1(f) and as such, Kenmark is now classified as a PN17 company.
 
 2. OBLIGATIONS OF THE COMPANY AS A PN17 COMPANY PURSUANT TO PN17
 
 Kenmark is required to comply with the following obligations pursuant to Paragraph 3.1 and 4.1 of PN17:
 
 (a) To regularize its conditions by undertaking a regularisation plan ("Regularisation Plan") and the Company and its Principal Adviser must ensure that the Regularisation Plan is sufficiently comprehensive and capable of resolving all problems, financial or otherwise that has caused the Company to trigger PN17. Such Regularisation Plan must be fair and reasonable to the Company and its shareholders and will increase shareholder value; 
 
 (b) To submit the Regularisation Plan within 12 months from the date of this First Announcement ("Submission Timeframe") and to implement the Regularisation Plan within the timeframe stipulated by the Approving Authorities (Implementation Timeframe");
 
 (c) To make the following announcements:
 
 i) within three (3) months from this First Announcement, on whether the Regularisation Plan will result in a significant change in the business direction or policy of the Company;
 
 ii) the status of Kenmark's Regularisation Plan and the number of months to the end of the Submission Timeframes on a monthly basis (Monthly Announcement") until further notice from Bursa Securities;
 
 iii) its compliance or non-compliance with a particular obligation imposed pursuant to the PN17 on an immediate basis;
 
 iv) the details of the Regularisation Plan ("Requisite Announcement"), which shall include the timeline for the complete implementation of the Regularisation Plan. The Requisite Announcement must be made by the Company's Principal Adviser.
 
 
 3. CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS
 
 In the event the Company fails to comply with the obligations to regularise its conditions, Bursa Securities will suspend the trading of the Company's listed securities immediately from the date of notification of suspension by Bursa Securities and de-listing procedures shall be taken against the Company, subject to the Company's right to appeal against the de-listing.
 
 4. STATUS OF PLAN TO REGULARISE CONDITION
 
 Although Kenmark does not have a formal regularisation plan at present. Any progress in this regards will be announced in accordance with the provisions of PN17.
 
 This announcement dated 31 May 2010.

KENMARK - General Announcement
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
 - Practice Note 1 ("PN1") of the Listing Requirements of Bursa Malaysia Securities Berhad for the Main Market ("MMLR")

Contents: Pursuant to Practice Note 1, the Independent Directors of Kenmark wishes to inform that the Company and its wholly owned subsidiaries as named below has received the following letters of demand:
 
 (i) On 28 May 2010, Kenmark Paper Sdn Bhd ("Kenmark Paper") received a Letter of Demand for the sum of RM7,668,375.41 from Messrs. Azim, Tunku Farik & Wong acting for EON Bank Berhad ("the Bank") to be paid within (7) days from the date of the letter for default of banking facilities;
 
 (ii) On 12 May 2010, Billion Dynamic Sdn Bhd received a letter of Demand for the sum of RM43,768,304.86 from Messrs. Zulpadli & Eham acting for Export-Import Bank of Malaysia Berhad ("EXIM Bank") to be paid within (7) days from the date of the letter for failure to regularize the account under the line of revolving post shipment supplier credit facility of RM40 million.
 
 (iii) On 12 May 2010, Kenmark received a letter of Demand as the Guarantor to Billion Dynamic Sdn Bhd for the sum of RM43,768,304.86 from Messrs. Zulpadli & Eham acting for Export-Import Bank of Malaysia Berhad ("EXIM Bank") to be paid within (7) days from the date of the letter for failure of Billion Dynamic Sdn Bhd to regularize the account under the line of revolving post shipment supplier credit facility of RM40 million.
 
 (iv) On 12 May 2010, Kenmark received a letter of Demand as the Guarantor to Kenmark (Labuan) Limited for the sum of USD1,694,756.34 from Messrs. Zulpadli & Eham acting for Export-Import Bank of Malaysia Berhad ("EXIM Bank") to be paid within (7) days from the date of the letter for failure of Kenmark (Labuan) Limited to regularize the account under the term loan under overseas project financing facility of USD6.5 million.
 
 (v) On 12 May 2010, Kenmark received a letter of Demand for the sum of RM15,910,360.37 from Messrs. Zulpadli & Eham acting for Export-Import Bank of Malaysia Berhad ("EXIM Bank") to be paid within (7) days from the date of the letter for failure to regularize the account under the line of revolving pre-shipment and post-shipment supplier credit facility of RM15 million.
 
 Billion Dynamic Sdn Bhd and Kenmark (Labuan) Limited are a major subsidiaries of the Group.
 
 The default arose from the failure of Kenmark Paper in making the necessary payments that are due under the banking facilities. The Independent Director do not have access to the records of the Company and as such is unable to provide the exact date of default.
 
 As the Managing Director, Mr Hwang Ding Kuo @ James Hwang and the Executive Director, Mr Chang Chin-Chuan of the Company has not been contactable by the Independent Directors since 27 May 2010 and the Deputy General Manager has resigned in late February 2010 on 3 months notice and the Finance & Administration Manager has resigned on 24 April 2010 with one month notice, the Independent Directors are unable to provide any measures to be taken to address the default. 
 
 The Independent Directors have been informed by the former executives that the operations of the Group in Malaysia has halted and the business premises has been sealed by EON Bank Berhad on 27 May 2010. As for its operations in Vietnam, the former executives have notified that the local authorities has taken control of the operating premises there on 25 May 2010. Hence the Group has ceased operations for all the companies in the Group. The Independent Directors are taking advice on the next course of action to take and shall make an announcement in due course.
 
 The Independent Directors are unable to assess the financial and legal implications in respect of the default in payments. 
 
 The default will empower the debenture holder to appoint a Receiver.
 
 The default will constitute an event of default on the other credit facilities of the Company and its subsidiary companies. 
 
 The Independent Directors will not be able to provide a solvency declaration as the Independent Directors have no access to the accounting records of the Company with the resignation of the Finance & Administration manager and the sealing of the business premises. 
 
 This announcement is dated 31 May 2010

RHYTHM - Quarterly rpt on consolidated results for the financial period ended 31/3/2010
Announcement Type: Financial Results
Company Name: RHYTHM CONSOLIDATED BERHAD
Stock Name: RHYTHM
Date Announced: 31/05/2010

Announcement Detail:
Financial Year End: 30/06/2010

Quarter: 3

Quarterly report for the financial period ended: 31/03/2010

The figures: have not been audited

Currency: Malaysian Ringgit (MYR)

WWE - Quarterly rpt on consolidated results for the financial period ended 31/3/2010
Announcement Type: Financial Results
Company Name: WWE HOLDINGS BHD
Stock Name: WWE
Date Announced: 31/05/2010

Announcement Detail:
Financial Year End: 30/09/2010

Quarter: 2

Quarterly report for the financial period ended: 31/03/2010

The figures: have not been audited

Currency: Malaysian Ringgit (MYR)

MMM - General Announcement
Announcement Type: General Announcement
Company Name: MALAYSIAN MERCHANT MARINE BERHAD
Stock Name: MMM
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: MALAYSIAN MERCHANT MARINE BERHAD ("MMM" or "the Company")
 - AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 ("AFS")

Contents: Further to the Company's announcements made on 21 April 2010, 3 May 2010, 10 May 2010, 17 May 2010 and 24 May 2010, the Board of Directors of the Company ("the Board") wishes to announce:-
 
 (1) The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected completion date of audit:-
 
 The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected date of completion have yet to be confirmed between the Company and the external auditors. 
 
 
 (2) Other status update relevant to the 2010 audit:-
 
 The Company's auditors are unable to commence the audit of the AFS of MMM until the issue of the 2009 outstanding fees and payment of the 2010 audit fees are satisfactorily resolved. The Directors are deliberating on the next steps to take in regards to this matter and appropriate announcements will be made in due course.
 
 On 14 May 2010, the Board had met with Bursa Malaysia Berhad to update the officers of the status of this matter.
 
 Since the Company's announcement on 24 May 2010, there was no new development on the matter. Announcements will be made in due course if there is further development.

MMM - Quarterly rpt on consolidated results for the financial period ended 31/3/2010
Announcement Type: Financial Results
Company Name: MALAYSIAN MERCHANT MARINE BERHAD
Stock Name: MMM
Date Announced: 31/05/2010

Announcement Detail:
Financial Year End: 31/03/2010

Quarter: 4

Quarterly report for the financial period ended: 31/03/2010

The figures: have not been audited

Currency: Malaysian Ringgit (MYR)

SCOMIMR - General Announcement
Announcement Type: General Announcement
Company Name: SCOMI MARINE BHD
Stock Name: SCOMIMR
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: SCOMI MARINE BHD ("the Company")
 (I)PROPOSED RENEWAL OF AUTHORITY FOR SHARE BUY-BACK;
 (II)PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTION OF A REVENUE OR TRADING NATURE; AND
 (III)PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF THE COMPANY

Contents: The Board of Directors of the Company wishes to announce that the Company intends to seek the shareholders' approval on the following proposals at the forthcoming 14th Annual General Meeting ("AGM"):
 
 (i) Proposed Renewal of Authority for Share Buy-Back;
 (ii) Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature; and
 (iii) Proposed Amendments to the Articles of Association of the Company.
 
 (collectively referred to as "Proposals")
 
 The Company had at its 13th AGM held on 5 June 2009, obtained the the shareholders' approval for the renewal of authority for share buy-back and the mandate for recurrent related party transactions. The said authority will expire at the conclusion of the forthcoming 14th AGM of the Company.
 
 A Circular to Shareholders containing the details of the above Proposals will be circulated to the shareholders in due course.
 
 This announcement is dated 31 May 2010.

FAJAR - ACQUISITION OF INVESTMENT IN TEMASEK PERKASA SDN. BHD. (Amended Announcement)
Announcement Type: General Announcement
Company Name: FAJARBARU BUILDER GROUP BHD
Stock Name: FAJAR
Date Announced: 31/05/2010

Announcement Detail:
Type: Announcement

Subject: ACQUISITION OF INVESTMENT IN TEMASEK PERKASA SDN. BHD.

Contents: The Board of Directors of Fajarbaru Builder Group Berhad ("FBG" or "the Company") wishes to announce that the Company had on 27 May 2010 entered into a Sale Shares Agreement ("the Agreement") with the following parties ("the Vendors) to acquire 100,000 ordinary shares of RM1.00 each representing 100% the issued and paid-up capital of Temasek Perkasa Sdn. Bhd. (Company No. 851265-T) ("TPSB") for a total consideration of RM15,000,000.00 (Ringgit Malaysia Fifteen Million) only ("the said Consideration") :
 
 No. Vendors No. of shares Consideration (RM)
 
 1. Ahmad Bin Patong 
 NRIC No : 680824-12-5861) 42,500 6,375,000.00
 
 2. Abdulla Hamid Bin Manap
 NRIC No : 680503-12-5115) 42,500 6,375,000.00
 
 3. Rahadian Mahmud Bin Mohammad Khalil
 NRIC No : 730821-71-5105) 15,000 2,250,000.00
 ---------- ---------------
 Total : 100,000 15,000,000.00
 ========== ===============
 
 The said Consideration is based on "willing buyer willing seller" and subject to valuation report. The final consideration will be adjusted accordingly with the valuation report. If the adjusted consideration is higher than the said Consideration, the Company has the right to proceed or terminate the Agreement.
 
 
 TPSB is the registered and/or beneficial owner of the entire issued and paid up shares in the capital of Renowaja Sdn. Bhd. (820729-W) ("Renowaja").
 
 Renowaja is a company incorporated in Malaysia and having its registered office at 12th Floor, Menara AA, No. 247, Jalan Tun Razak, 50400 Kuala Lumpur with an existing authorised share capital of Ringgit Malaysia Five Hundred Thousand (RM500,000.00) only divided into Five Hundred Thousand (500,000) ordinary shares of Ringgit Malaysia One (RM1.00) each of which Two Hundred Thousand (200,000) ordinary shares of Ringgit Malaysia One (RM1.00) each have been issued and are fully paid up or credited as fully paid.
 
 
 By an Agreement dated 2 September 2009 ("SPA") Renowaja agreed to purchase and the Chief Minister of Malacca (Incorporation) ("CMI") to sell all those pieces of land bearing Lot 104 measuring approximately 0.5 acres and Lot 105 measuring approximately 3 acres located in Pulau Melaka, District of Melaka Tengah, Melaka ("Land") subject to the terms and conditions therein contained.
 
 By a letter dated 13 November 2009 ("Letter of Approval") Majlis Bandaraya Melaka Bersejarah informed Renowaja that its application for the proposed development of the Land had been approved subject to the terms and conditions therein contained.