SSTEEL

Rights Issue

SOUTHERN STEEL BERHAD

EX-date

03/06/2003
Entitlement date05/06/2003
Entitlement time05:00:00 PM
Entitlement subjectRights Issue
Entitlement description:Renounceable rights issue of up to RM141,176,500 nominal amount of 5.5% 5-year irredeemable convertible unsecured loan stocks (“ICULS”) at 100% of the nominal amount payable in full upon acceptance on the basis of RM1.00 nominal amount of ICULS for every 2 existing ordinary shares of RM1.00 each held at 5:00 p.m. on 5 June 2003 (“Rights Issue of ICULS”)
Period of interest payment to
For year ending/Period ending/ended
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the entitlements
05/06/2003 to 05/06/2003
Registrar's name ,address, telephone no:AGRITEUM Share Registration Services Sdn Bhd
2nd Floor
Wisma Penang Garden
42, Jalan Sultan Ahmad Shah
10050 Pulau Pinang
Contact Person: Ng Hai Yeen
Tel No: (04)-228 2321
Fax No: (04)-227 2391
Payment date
a) Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers05/06/2003 
b) Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit 
c) Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE.
Number of new shares/securities issued (units) (If applicable) 
Entitlement indicatorRatio
Ratio 1 : 2
Rights Issues/Offer Price 1

Remarks :
The three major shareholders of Southern Steel Berhad (“SSB”), namely Hume Industries (Malaysia) Berhad, NatSteel Ltd and Southern Amalgamated Co Sdn Bhd, have given written irrevocable undertakings to subscribe in full for their respective entitlements under the Rights Issue of ICULS amounting to an aggregate of RM106,630,600 nominal amount of ICULS ("Irrevocable Undertakings"). The RM106,630,600 nominal amount of ICULS for which Irrevocable Undertakings have been given, will not be underwritten.

For the remaining RM34,545,900 nominal amount of ICULS to be offered to the minority shareholders of SSB, underwriting arrangements have been made with Hwang-DBS Securities Berhad, HLG Securities Sdn Bhd and M&A Securities Sdn Bhd ("Underwriters"), to underwrite up to RM26,000,000 nominal amount of the ICULS collectively. The underwriting agreement between SSB and the Underwriters was signed on 16 May 2003.

This announcement is dated 19 May 2003.


Announcement Info

Company NameSOUTHERN STEEL BERHAD  
Stock Name SSTEEL    
Date Announced19 May 2003  
CategoryEntitlements (Notice of Book Closure)
Reference NoMM-030422-62453

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