Filed Under (Business News) by Webmaster on 04-03-2011
Bank Negara has not allowed the Employees Provident Fund (EPF) board to hold more than 45% of the paid-up share capital of RHB Capital Bhd.
In a note to Bursa yesterday, RHB Cap said that RHB Investment Bank Bhd and CIMB Investment Bank Bhd, on its (RHB Cap’s) behalf, said that Bank Negara was not able to consider the EPF’s application via a letter dated Feb 25.
“Accordingly, EPF’s irrevocable undertaking to subscribe under the rights issue shall be for a minimum of 45% of the total rights shares,” it said.
RHB Cap had proposed to acquire 80% of PT Bank Mestika Dharman for RM1.16bil and also a proposed put and call option for 9% of Bank Mestika.
RHB Cap also proposed a renounceable rights issue of new shares of RM1 each in RHB Cap to raise about RM1.3bil.
Related Posts:
Filed Under (Bursa News) by Webmaster on 04-03-2011
BURSA Malaysia has fined three directors of financially troubled Kenmark Industrial Co (M) Bhd some RM2.5 million collectively for breaking listing rules.
The three Taiwanese, who have not appeared in public since the furniture company’s troubles began last year, are being punished for Kenmark’s unclear and late statements, among others.
Legal action would be taken against them, namely Hwang Ding Kuo @ James Hwang, Chang Chin-Chuan and Chen Wen-Ling, if they fail to pay the fines before March 10 2011.
It is understood that Bursa Malaysia has sent them letters about the enforcement actions to their last-known address in Taiwan and the directors are aware of them.
Five other directors were also reprimanded by Bursa Malaysia for various breaches of listing rules. They are Zainabon @ Zainab Abu Bakar, Yeunh Wee Tiong, Datuk Abd Gani Yusof, Ho Soo Woon, and Woon Wai En. Kenmark’s troubles began when major shareholder Hwang disappeared and then started selling his shares. During the period, the company’s share, which normally traded at 80 sen, fell to as low as 6 sen.
The shares were picked up on the cheap by Datuk Ishak Ismail, who emerged with a 33.36 per cent stake. He sold the stake 10 days later in mid-June, making a profit as the stock rebounded from record lows.
Question is how is Bursa going to send their demand letter when no one knows where these directors are?
Related Posts:
