ARTICLE ENTITLED: "Annuar or associates set to take over Idris" ("the Article")
| IDRIS HYDRAULIC (MALAYSIA) BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | PL-000622-38260 |
| Subject | ARTICLE ENTITLED: "Annuar or associates set to take over Idris" ("the Article") |
Contents :
We refer to your query of 22 June 2000.
The Company confirms that it is presently in preliminary discussions with Dato' Che Mohd Annuar bin Che Senawi and his associates ("the Proposed White Knight") to participate in its debt restructuring exercise under the auspices of the Corporate Debt Restructuring Committee.
To our knowledge, neither the terms of the Proposed White Knight's participation have been finalised nor has the Company received the approvals of its creditors to the debt restructuring proposals as negotiations are ongoing.
In light of the above, the said Article is premature and the Company would only be in the position to make a formal announcement on the definitive terms of its ongoing restructuring exercise once the same have been finalised.
We trust the above adequately clarifies the position.
Query Letter Contents :
We refer to the above article appearing in The Sun, Sun Biz section, page 2, on
22 June 2000.
In particular, we would like to draw your attention to the following sentences
in the above article, which are reproduced as follows:-
"Former executive chairman of Malaysia National Insurance Sdn Bhd (MNI) Datuk
Annuar Senawi, or his business associates, are expected to assume control of
Idris as they emerge as major shareholders of the debt-laden company"
"A deal is believed to have been struck to pave way for the entry of the new
controlling shareholders into Idris, ..."
"Idris' creditors, one source says, are scheduled to meet on the company's
debt-restructuring exercise before its annual general meeting on June 30."
"Sources say the creditors are believed to have accepted the proposal worked
out by Annuar, or his business associates, with the Corporate Debt
Restructuring Committee (CDRC)."
"The proposal worked out by the CDRC includes the injection of not more than
RM200 million by the new controlling shareholders into Idris to address some of
the debts."
"In return for the cash injection, the new parties are likely to be issued
Idris shares, which will enable them to gain control of the company."
"As for the balance of the debts, sources says this would come in the form of
the issuance of debt instruments such as loan stocks. Idris is expected to come
up with a rights issue and capital reduction under the proposed exercise."
"The new controlling shareholders are likely to underwrite the new shares of
the rights issue unsubscribed by the holders of the Central Limit Order Book
(CLOB) shares. Some 55.35% of shareholdings in Idris, or 328 million shares of
50 sen each, are held in CLOB through Central Depository (Pte) Ltd."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the above
sentences after due and diligent enquiry with all the directors, substantial
shareholders and all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the event you deny
the above sentences or any other part of the above reported article, you are
required to set forth facts sufficient to clarify any misleading aspects of the
same. In the event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts sufficient to
support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Chong Fui Tzy
Manager, Listing Operations
ASL/TPL
c.c. Securities Commission
Announcement Info
| Company Name | IDRIS HYDRAULIC (MALAYSIA) BERHAD |
| Stock Name | IDRIS |
| Date Announced | 26 Jun 2000 |
| Category | General Announcement |
| Reference No | IH-000626-53789 |