MTDACPI

0.275

(%)

OTHERS MTD ACPI ENGINEERING BERHAD ("MTD ACPI" OR "COMPANY") PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE OF MTD ACPI PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016 ("PROPOSED SCR")

MTD ACPI ENGINEERING BERHAD

Type Announcement
Subject OTHERS
Description
MTD ACPI ENGINEERING BERHAD ("MTD ACPI" OR "COMPANY")

PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE OF MTD ACPI PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016 ("PROPOSED SCR")

The Board of Directors of MTD ACPI (“Board”) wishes to announce that the Company has today received a letter from its controlling shareholder, MTD Capital Bhd (“MTD Capital” or “Offeror”), requesting the Company to undertake a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act 2016 ("SCR Offer Letter").

 

The Proposed SCR entails a selective capital reduction and a corresponding capital repayment of a proposed cash amount of RM0.28 for each ordinary share in MTD ACPI held by all the shareholders of MTD ACPI (other than MTD Capital and the persons acting in concert with them) whose names appear in the Record of Depositors of MTD ACPI as at the close of business on an entitlement date to be determined and announced later by the Board.

 

The Board, save for Nik Faeruz binti Tan Sri Nik Hussain and Keith George Cowling who are deemed interested in the Proposed SCR, will deliberate on the Proposed SCR and decide on the next course of action. Accordingly, a further announcement will be made in due course after the Board's deliberation.

 

Please refer to the SCR Offer Letter for further details on the Proposed SCR.

 

This announcement is dated 7 December 2020.




Please refer attachment below.



Announcement Info

Company Name MTD ACPI ENGINEERING BERHAD
Stock Name MTDACPI
Date Announced 07 Dec 2020
Category General Announcement for PLC
Reference Number GA1-02122020-00065