Headline
MediaTitle
Date
Section
Page No
Language
Journalist
Frequency
KSK board accepts proposed SCR offer
New Sarawak Tribune
11 Apr 2013
Color
Business
Circulation
B2
Readership
English
ArticleSize
N/A
AdValue
Daily
PR Value
Black/white
46,471
164,773
163 cm²
RM 474
RM 1,423
KSK board accepts proposed SCR offer
IOJALA LUMPUR: KSK Group Bhd,
formerly known as Kurnia Asia
decided to present the proposed
selective capital reduction and
would receive a total capital repay­
ment of RM412.92 million, repre­
senting a proposed cash amount of
RM0.65 per KSK share.
The proposed SCR would be
funded by the way of internally
generated funds of the company,
repayment exercise (Proposed SCR)
it said.
to its shareholders for their consid­
KSK announced on Oct 4,
2012, that it had been classified as
Bhd, announced that its Board of
Directors, save for the Interested
Directors, has deliberated and
eration.
"The Proposed SCR will now
be presented to the shareholders
of KSK at an extraordinary general
meeting of the company to be con­
vened in due course," it said in a
statement.
KSK received a letter of offer on
March 27 from its major sharehold­
er, Tan Sri Kua Sian Kooi, requesting
for the company to undertake a SCR
and repayment exercise pursuant
to Section 64 of the Companies Act
1965.
It said the entitled shareholders
a cash company under Practice
Note 16 of the Main Market Listing
Requirements of Bursa Malaysia
Securities subsequent to the dis­
posal.
As a cash company, KSK must
submit a reqularisation plan to
acquire a new core business to the
Securities Commission Malaysia for
its approval within 12 months from
Furthermore, the existing opera­
tions in Thailand and Indonesia
may not be able to provide any
dividend stream to the company in
the medium term as the companies
are required to maintain regulatory
capital pursuant to the respective
regulatory requirements in tthe two
countries.
It said during this period, addi­
tional capital injection might also
be required to finance the business
growth of the insurance business in
Thailand and Indonesia.
"In initiating the proposed SCR,
the offeror has also taken into cog­
nisance the longer­than­expect­
ed gestation period of the exist­
ing operations in Thailand and
Indonesia.
"As such the offeror, after taking
Oct 4, 2012.
However, as at the date of the
into consideration of the above, has
offer letter, KSK has yet to identify
any viable new core business.
decided to privatise KSK via the pro­
posed SCR," it added. ­ Bernama