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MULTIPLE PROPOSALS IDEAL SUN CITY HOLDINGS BERHAD (IDEAL OR THE COMPANY) PROPOSED SPECIAL ISSUE; AND PROPOSED ESOS (COLLECTIVELY, THE PROPOSALS)

IDEAL SUN CITY HOLDINGS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
IDEAL SUN CITY HOLDINGS BERHAD (IDEAL OR THE COMPANY)
	PROPOSED SPECIAL ISSUE; AND
	PROPOSED ESOS

(COLLECTIVELY, THE PROPOSALS)

Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcements in relation to the Proposals.

Further to the announcements dated 8 December 2015 and 23 December 2015 in relation to the Proposals, on behalf of the Board of Directors of IDEAL, M&A Securities Sdn Bhd (“M&A Securities”) is pleased to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had, vide its letter dated 8 January 2016, resolved to approve the listing of the following:

  1. up to 34,708,200 new ordinary shares of RM0.10 each in IDEAL (excluding treasury shares) to be issued pursuant to the Proposed Special Issue; and
  2. such number of new ordinary shares, representing up to 30% of the issued and paid-up ordinary share capital of IDEAL (excluding treasury shares) to be issued pursuant to the exercise of options pursuant to the Proposed ESOS.

The approval granted by Bursa Securities for the Proposals are subject to the following conditions:

  1. IDEAL and M&A Securities must fully comply with the relevant provisions under the ACE Market Listing Requirements (“LR”) pertaining to the implementation of the Proposed Special Issue;
  2. IDEAL and M&A Securities to inform Bursa Securities upon the completion of the Proposed Special Issue;
  3. IDEAL to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Special Issue is completed; 
  4. M&A is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to Rule 6.44(1) of the LR and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in general meeting approving the Proposed ESOS; and
  5. IDEAL is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of options, arising from the Proposed ESOS as at the end of each quarter together with a detailed computation of listing fees payable.

 

In relation to the draft circular to shareholders, IDEAL is required to incorporate the comments from Bursa Securities.

 

This announcement is dated 8 January 2016.






Announcement Info

Company Name IDEAL SUN CITY HOLDINGS BERHAD
Stock Name IDEAL
Date Announced 08 Jan 2016
Category General Announcement for PLC
Reference Number GA1-08012016-00072




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