PUBLIC SHAREHOLDINGS SPREAD
DEGEM BERHAD |
Type | Announcement |
Subject | PUBLIC SHAREHOLDINGS SPREAD |
Description | DEGEM BERHAD ("DEGEM" OR "THE COMPANY") Status Announcement on compliance with the Required Public Shareholding Spread |
We refer to the Company’s announcements on public shareholding spread dated 30 August 2019 and 16 October 2019. The Board of Directors of DeGem Berhad wishes to announce the following Status Announcement on the compliance with the required public shareholding spread, in conjunction with the release of the Company’s quarterly results for the Third Quarter ended 30 September 2019, pursuant to Section 3.3 of Practice Note 19 of the Main Market Listing Requirements (“Listing Requirements”). (a) The Company currently does not meet the requirement as set out in paragraph 8.02(1) of the Listing Requirements which states that a listed issuer must ensure that at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders. (b) Based on the Company’s Register of Depositors as at 8 November 2019, the public shareholding spread of the Company was at 16.91%. This percentage represents a shortfall of 8.09% from the Public Spread Requirement. (c) As announced by the Company on 16 October 2019, Bursa Malaysia Securities Berhad (“Bursa Securities”) had vide its letter dated 15 October 2019, granted the Company an extension of time of six (6) months until 8 April 2020 to comply with the public shareholding spread requirement. (d) On 25 September 2019, the Company announced that the Board of the Directors of the Company (“Board”) had on even date received a letter from Legion Master Sdn Bhd, a major shareholder of the Company, informing the Board of its intention to privatise the Company by way of a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act 2016 (“Proposed SCR”) and requesting the Company to undertake the Proposed SCR for this purpose (“SCR Offer Letter “). Premised on the above, a circular dated 15 November 2019 was despatched to shareholders to seek the entitled shareholders’ approval on the Proposed SCR at the forthcoming EGM to be held on 9 December 2019. This announcement is dated 20 November 2019. |
Announcement Info
Company Name | DEGEM BERHAD |
Stock Name | DEGEM |
Date Announced | 20 Nov 2019 |
Category | General Announcement for PLC |
Reference Number | GA1-20112019-00065 |