Type Announcement Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3 FIRST ANNOUNCEMENT Description FIRST ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD Pursuant to Paragraph 8.03A(2) and Paragraph 4.0 of Practice Note 17 (“PN 17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of Comintel Corporation Bhd (“Comcorp” or “the Company”) wishes to announce that Comcorp is an affected listed issuer (“PN 17 Company”) as it has triggered Paragraph 8.03A(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
Comcorp, have on even date, announced the completion of the disposal of 100% equity interest in BCM Electronics Corporation Sdn Bhd, a wholly-owned subsidiary of Comcorp to Aurelius Holdings Sdn Bhd for a cash consideration of RM123.8 Million.
Hence, Comcorp is now regarded as a PN 17 Company.
1 As stipulated in paragraph 8.03A(3) of the Main LR, an affected listed issuer refers to a listed issuer which has triggered the criteria of inadequate level of operations under paragraph 8.03(2) of the Main LR namely that the listed issuer has –
(a) suspended or ceased all of its business or its major business; or
(b) suspended or ceased its entire or major operations; or
On behalf of the Board, HLIB also wishes to announce that Bursa Securities had on 22 January 2018 informed that Comcorp would not be considered as a Cash Company pursuant to Paragraph 8.03(1) of the Main Market Listing Requirements of Bursa Securities.
(1) A listed issuer whose assets on a consolidated basis, consist of 70% or more of cash or short term investments, or a combination of both ("Cash Criterion") must immediately notify the Exchange of its condition in writing. The Exchange will determine whether such listed issuer should be considered a Cash Company. A listed issuer considered as a Cash Company by the Exchange will be notified by the Exchange
Comcorp will have RM 0.94 NTA after disposing BCM, Comcorp get 112.3m cash from the disposal which is translated to around RM 0.80 of its net asset . 0.80/0.94 = 85%
Ya, after deducting 46M cash reserved for dividend and taking into a/c amount of liabilities, the end result probably gives rise to a cash ratio below 70%
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Posted by 687423 > 2018-01-23 19:18 | Report Abuse
Don’t get angry, it’s a compliment in modern time.......