KWANTAS

1.640

(%)

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

KWANTAS CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
KWANTAS CORPORATION BERHAD ("KWANTAS" OR "COMPANY")

PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE OF KWANTAS PURSUANT TO SECTION 116 OF THE COMPANIES ACT, 2016 ("PROPOSED SCR")
(Unless otherwise stated, all abbreviations used in this announcement shall have the same meaning as defined in the Company’s announcement dated 25 September 2020 and the Company’s circular to shareholders in relation to the Proposed SCR dated 30 October 2020 ("Circular"))

We refer to the announcements dated 26 August 2020, 28 August 2020, 2 September 2020, 25 September 2020, 29 September 2020, 28 October 2020, 30 October 2020 and 30 November 2020 in relation to the Proposed SCR.

On behalf of the Board, Maybank IB wishes to announce that as at the date of this announcement, the Kwantas Group has yet to obtain the approval and/or consent from all its existing financiers for the Proposed SCR. In view of this, the filing of application to seek the confirmation of the High Court for the reduction of the issued share capital of the Company in accordance with Section 116 of the Act is expected to be made in January 2021, instead of December 2020, as indicated in the Circular. Accordingly, the revised tentative timetable for the implementation of the Proposed SCR is as follows:

Original timing as set out in the Circular
Revised timing
Event
December 2020
January 2021
Filing of application to seek confirmation from the High Court for the reduction of the issued share capital of the Company in accordance with Section 116 of the Act
January 2021
February 2021
- High Court sanction hearing

- Announcement of Entitlement Date

- Announcement of notice of suspension of trading of Kwantas Shares
February 2021
March 2021
- Entitlement Date

- Lodgement of an office copy of the High Court Order with the Registrar of Companies

- Settlement of the SCR Offer Price

- Completion
March 2021
April 2021
De-listing of the Company from the Official List
This announcement is dated 31 December 2020.





Announcement Info

Company Name KWANTAS CORPORATION BERHAD
Stock Name KWANTAS
Date Announced 31 Dec 2020
Category General Announcement for PLC
Reference Number GA1-30122020-00097