Posted by Jimmy Song > 2013-08-02 18:42 | Report Abuse

OCK SUITING UP FOR REGIONAL EXPANSION Proposed 10% Private Placement with LTAT PUCHONG, 2 August 2013 – OCK GROUP BERHAD (“OCK” or the “Group”) Malaysia’s leading telecommunication network services company, today announced that it has entered into a subscription agreement with Lembaga Tabung Angkatan Tentera (“LTAT”) for the placement of 25.9 million shares, representing 10% of OCK’s issued and paid up capital. The placement shares has been fixed at an issue price of RM0.47 per placement share, which represents a discount of approximately 9.75% to the five day weighted average market price of OCK shares. With the proceeds of RM12.173 million, the Group intends to utilise the funds for the group’s regional expansion plans and working capital. In preparing the Group for regional expansion and business growth for its telecommunication segment, OCK has recently incorporated a subsidiary, OCK International Sdn, Bhd, as a holding company to the facilitate its overseas setup. Starting its regional footprint OCK has established OCK Yangon Private Limited in Myanmar which has been issued with a Final Business License from the Ministry of National Planning and Economic Development of the government of the Republic of the Union of Myanmar. “With LTAT investing in the Group, we foresee that there will be many business opportunities going forward with the government agency, in particular Ministry of Defense for their M&E works. Having a strong shareholder like LTAT gives the Group the leverage to further enhance the Group’s portfolio as well as regional expansion.” said Mr Sam Ooi, Managing Director of OCK. In addition to the above Proposed Private Placement, the Group has also received approval from the authorities for the issuance of a RM150 million SUKUK.