The Company had on 27 March 2013, announced that it had on even date received a letter from Tan Sri Dato' Paduka Kua Sian Kooi, being the major shareholder of KSK, requesting for the Company to undertake a selective capital reduction and repayment exercise pursuant to Section 64 of the Companies Act, 1965 ("Proposed SCR"). On 9 April 2013, the Board of Directors of KSK (save for those directors interested in the Proposed SCR) had deliberated on the Proposed SCR and has decided to present the Proposed SCR to the shareholders of KSK for their consideration.
Subsequently, on 29 April 2013, RHB Investment Bank Berhad on behalf of the Board of Directors of KSK, announced that the relevant applications in relation to the Proposed SCR have been submitted to the Securities Commission Malaysia and Bursa Malaysia Securities Berhad. As at the date hereof, the said applications are still pending the approvals of the authorities. The Proposed SCR will be presented to the shareholders of KSK for deliberation and approval in due course.
Given the Proposed SCR, the Company will suspend any activities to formulate a plan to regularise its financial condition.
This announcement is dated 20 May 2013.