(i) proposed reduction of the existing issued and paid-up share capital of HWGB via the cancellation of RM0.15 of the par value of each existing issued and fully paid-up ordinary share of RM0.20 to RM0.05 each (“HWGB Shares”) pursuant to Section 64 of the Companies Act, 1965 (“Act”) (“Proposed Par Value Reduction”);
GOOD AND Timely replied. apparently they already expected this and have all the things readied to deal with this.
UNUSUAL MARKET ACTIVITY
HO WAH GENTING BERHAD
Type Reply to Query Reply to Bursa Malaysia's Query Letter - Reference ID IQL-05112015-00001 Subject UNUSUAL MARKET ACTIVITY Description Bursa Malaysia Securities Bhd's Letter dated 5 November 2015 querying the Company on an unusual market activity Query Letter Contents We draw your attention to the sudden sharp rise in price and volume of your Company’s securities today (“trading activity”). In light of the above and in order for investors to be able to make informed investment decisions, you are requested to respond, after making due enquiry with your directors, major shareholders and such other relevant persons, to the following queries immediately for public release in accordance with paragraph 9.11 of the Main Market Listing Requirements ("LR"):
1. Whether there is any corporate development relating to your Group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion. If yes, kindly provide the details including status of the corporate development to enable investors to make informed investment decisions 2. Whether there is any rumour or report concerning the business and affairs of the Group that may account for the trading activity and in this respect, you are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities LR; 3. Whether you are aware of any other possible explanation to account for the trading activity; and 4. Whether you are in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations. Please note that the contents of the announcement must be endorsed by the Board of Directors of the Company and the announcement must reach Bursa Securities immediately via Bursa LINK.
We refer to the Letter dated 5 November 2015 from Bursa Malaysia Securities Bhd (“Bursa Securities”) in relation to the unusual market activity (“UMA”) of the Company’s securities on 5 November 2015.
In accordance with Paragraph 9.11 of the Main Market Listing Requirements of Bursa Securities, on behalf of the Company, the Board of Directors wishes to clarify that to the best of their knowledge and after having made due enquiries with the Directors, major shareholders and such other relevant persons, the Company is not aware of any:
1. Corporate Development relating to the Group’s business and affairs that has not been previously announced that may account for the UMA including those in the state of negotiation/discussion;
2. Rumour or report concerning the business and affairs of the Group’s that may account for the UMA; nor
3. Possible explanation to account for the UMA,
save and except for the following:
a. The Company had on 20 October 2015 announced the convening of an Extraordinary General Meeting scheduled on 12 November 2015 to table to its shareholders for approval the following Proposals:
Proposed par value reduction of RM0.15 of each existing issued and fully paid-up ordinary share of RM0.20 to RM0.05 each; Proposed rights issue with warrants; Proposed amendments to the Memorandum and Articles of Association of Ho Wah Genting Berhad (“HWGB”); Proposed termination of HWGB’s existing employees’ share option scheme; and Proposed establishment of a new employees’ share option scheme for the eligible directors and employees of HWGB and its subsidiaries (excluding subsidiaries which are dormant). b. The Company is in discussion on the possible disposal of non-core businesses which are loss making. The terms of the possible disposal has yet to be finalized.
The Company will make the necessary announcement to Bursa Securities of any further material development in compliance with Paragraph 9.03 of the Main Market Listing Requirements of Bursa Securities.
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....
Uphallee Maniam
11 posts
Posted by Uphallee Maniam > 2015-07-14 18:04 | Report Abuse
0.11 so cheap...