MULTIPLE PROPOSALS IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY") (I) PROPOSED PAR VALUE REDUCTION; (II) PROPOSED AMENDMENTS; (III) PROPOSED PRIVATE PLACEMENT; AND (IV) PROPOSED ESOS; (COLLECTIVELY REFERRED TO AS THE "PROPOSALS") AND (V) PROPOSED RATIFICATION

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY")      
(I) PROPOSED PAR VALUE REDUCTION; (II) PROPOSED AMENDMENTS; (III) PROPOSED PRIVATE PLACEMENT; AND (IV) PROPOSED ESOS; (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
AND
(V) PROPOSED RATIFICATION

We refer to the announcement dated 28 December 2016 in relation to the Proposals and the Proposed Ratification. Unless otherwise stated, all definitions used in the previous announcements shall apply herein.

On behalf of the Board, SJ Securities wishes to announce that the decision to abort the Proposals is because the Board is currently reviewing alternative funding options for the Company. Such withdrawal is not expected to have any financial impact on the Company in terms of its earnings per share and net asset per share.

The Board will make further announcements on the Proposed Ratification together with its plans pertaining to the funding of the Company upon completion of such further review.

Barring any unforeseen circumstances and subject to approvals being obtained, the Proposed Ratification is expected to be completed by the first quarter of 2017.

 

This announcement is dated 30 December 2016.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 30 Dec 2016
Category General Announcement for PLC
Reference Number GA1-30122016-00086