News

We refer to the announcements dated 7 September 2022 and 14 September 2022 in relation to the Proposals (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein. 

On behalf of KAB, Kenanga IB is pleased to announce that Bursa Securities had, vide its letter dated 11 October 2022, approved the listing of and quotation for up to 361,581,000 new ordinary shares to be issued pursuant to the Proposed Private Placement.

The approval granted by Bursa Securities is subjec to the following conditions:

(i)         KAB and Kenanga IB must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Private Placement;

(ii)          KAB and Kenanga IB are required to inform Bursa Securities upon the completion of the Proposed Private Placement;

(iii)        KAB / Kenanga IB is required to furnish Bursa Securities with a certified true copy of the resolution passed by the shareholders approving the Proposed Private Placement, prior to the listing of the new shares to be issued pursuant to the Proposed Private Placement;

(iv)       KAB and Kenanga IB are required to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Private Placement is completed;

(v)        Kenanga IB is required to furnish Bursa Securities with details of the placees in accordance with Paragraph 6.15 of the Listing Requirements for Bursa Securities’ review, prior to the issuance / allotment of the new ordinary shares to be issued pursuant to the Proposed Private Placement; and

(vi)       KAB is required to make quarterly updates via Bursa LINK (simultaneous with the submission of Quarterly Report) on the following:

(a)        The status on each of the event, project or purpose for which the total proceeds raised from the Proposed Private Placement are utilised for, including but not limited to, the percentages of completion of projects / initiatives;

(b)        Where relevant, details on where the balance of proceeds raised is being placed (pending utilisation). If it is parked with asset management company / fund manager, to disclose the name of the asset management company / fund manager;

(c)        The summary of placement shares issued and allotted as follows:

(1)        Date of price fixing and issuance date of placement shares (each tranche);

(2)        Quantity of placement shares issued and allotted;

(3)        Issue price and basis in arriving at (each tranche); and

(4)        Aggregate number of placement shares issued and allotted as at the end of each quarter.

This announcement is dated 11 October 2022.