UNUSUAL MARKET ACTION
MBF CAPITAL BERHAD |
Type | Reply to query |
Reply to Query Letter by KLSE reference ID | KLSE/FRS/UMA.00/211 |
Subject | UNUSUAL MARKET ACTION |
Contents :
- there is no material development in MBf Capital Berhad (MBfC) 's business and affairs;
- there is no impending change in the major shareholders of MBfC and
- there are no reasons to account for the unusual market action
- We refer to your letter dated 22 August 2000 and would like to confirm the following :-
As previously announced in our financial results for the first quarter ended 31 March 2000, MBf Capital Berhad (MBfC)'s Group reported a shareholders' deficit of RM1.478 billion and that MBfC, along with certain of its subsidiaries are undergoing an informal restructuring exercise.
As a result, MBfC is currently seeking preliminary advice to implement a restructuring scheme for its group of companies. The restructuring scheme has not been formulated at this stage and an announcement on the proposed scheme will be made to the Exchange at the appropriate time.
Please note that our latest announcement to the Exchange was on the proposed disposals of 31.62% equity interest in MBf Card Services Sdn Bhd comprising 1,665,000 ordinary shares of RM1.00 each by MBfC to Advent International Corporation and Arab-Malaysian Capital Markets Group Sdn Bhd for a total cash consideration of up to a maximum of RM53,156,035. The proceeds to be realised from the proposed disposals will be utilised to repay bank borrowings.
Yours faithfully,
For and on behalf of
MBf Capital Berhad
Yap Boon Teck
Company Secretary
Dated : 23 August 2000
Announcement Info
Company Name | MBF CAPITAL BERHAD |
Stock Name | MBF CAP |
Date Announced | 23 Aug 2000 |
Category | General Announcement |
Reference No | MC-000822-67190 |