HONGSENG-PA - Notice of Book Closure

ADJUSTMENTS TO THE CONVERSION PRICE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN HONG SENG CONSOLIDATED BERHAD (FORMERLY KNOWN AS MSCM HOLDINGS BERHAD) ("HONG SENG" OR "COMPANY") ("ICPS"), CASH PAYMENT FOR CONVERSION OF ICPS AND NUMBER OF OUTSTANDING ICPS PURSUANT TO THE SHARE SPLIT INVOLVING A SUBDIVISION OF EVERY 1 EXISTING ORDINARY SHARE IN HONG SENG ("HONG SENG SHARE") HELD AS AT 5.00 P.M. ON 15 JUNE 2021 ("ENTITLEMENT DATE") INTO 2 HONG SENG SHARES ("SHARE SPLIT")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 14 Jun 2021
2)  The last date of lodgment : 15 Jun 2021
 

Remarks 1: 

"Bursa Malaysia Securities Bhd would like to clarify that on the basis of settlement taking place after 15 June 2021 with adjustment to the number of outstanding HONGSENG-PA shares, any shareholder who is entitled to receive HONGSENG-PA additional shares may now sell any or all of his HONGSENG-PA shares arising from adjustment pursuant to the share split   beginning the Ex-Date (14 June 2021).

For example, if Mr X purchases 100 HONGSENG-PA shares on cum basis on 11 June 2021, Mr X should receive 100 shares on 15 June 2021. Pursuant to the share split,  a total of 200 HONGSENG-PA shares will be credited into Mr X's CDS account on the night of 15 June 2021 being the Book Closing Date. Therefore, Mr X can sell the HONGSENG-PA shares of 200 on or after the Ex-Date i.e. from 14 June 2021 onwards."

Remarks 2:

Pursuant to the Share Split, the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS (which are not converted into new Hong Seng Shares prior to the Entitlement Date) shall be adjusted in accordance with the provisions of the Company's Constitution ("Adjustments").

The outstanding ICPS will be subdivided on the basis of every 1 ICPS held by the entitled holders of ICPS of the Company (whose names appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date) ("Entitled ICPS Holders") into 2 ICPS ("Subdivided ICPS"). 

Pursuant to the Adjustments, the existing number of ICPS of 145,724,655 ICPS will be adjusted into a maximum number of 291,449,310 Subdivided ICPS. The actual number of Subdivided ICPS would depend on the number of outstanding ICPS which are not converted into new Hong Seng Shares prior to the Entitlement Date. 

Further, pursuant to the Adjustments, the conversion price of ICPS and cash payment for conversion of ICPS will be adjusted to as follows:

(a) existing conversion price of ICPS of RM0.20 each will be revised to RM0.10 each; and

(b) existing cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new Hong Seng Share) of RM0.15 each will be revised to RM0.075 each.

The Subdivided ICPS will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 16 June 2021 ("Listing Date"), being the next market day following the Entitlement Date.

The notice of allotment of the Subdivided ICPS will be issued and despatched to the Entitled ICPS Holders at the addresses set out in the Record of Depositors of the Company as at the Entitlement Date within 8 market days after the Listing Date. The notice setting out the details of the Adjustments will be issued and despatched to the Entitled ICPS Holders in due course. 

The Share Split will result in an increase in the number of ICPS available in the market and the trading price of ICPS will be adjusted accordingly in proportion to the basis of the Share Split. 

Holders of ICPS who wish to be entitled to the Share Split as the Company's shareholders shall exercise their rights to subscribe for new Hong Seng Shares by lodging their duly completed conversion forms together with the relevant subscription monies with the Share Registrar of Hong Seng (at the address stated above) on or before 5.00 p.m. on Friday, 4 June 2021 such that their names will appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date.