KUALA LUMPUR: Datuk Seri Subramaniam Pillai Sankaran Pillai, the executive director of rail contractor Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA), will emerge is as the single largest shareholder Comintel Corp Bhd (Comcorp) under the latter's regularisation plan.
Comintel, in a filing with Bursa Malaysia today, said it will place out 171.12 million new shares to Subramaniam at 7.5 sen each to raise RM12.8mil.
The company has set aside RM3.5mil from the proceeds to purchase new machinery to undertake railway construction jobs.
"The expansion of the transportation sector including the rail transportation system in Malaysia augurs well for the Comcorp Group after taking into consideration the participation of Comcorp in the KVDT2 project which will provide additional track record to the Group to undertake future projects in the railway sector," it said.
Comcorp, an PN17 affected issuer, onWednesday announced its financial regularisation plan.
This includes the disposal of certain subsidiaries for RM1mil, a share capital reduction, a private placement and acceptance of contracts, The disposals will create leaner company.
The proposed share capital reduction entailed a reduction of the Company’s issued share capital from RM95.75mil to RM5.85mil.
The credit arising from the share capital reduction will be utilised to set-off against the accumulated losses of the Company.
Meanwhile, the Comcorp has proposed to place out 171.12 million new shares, which equals to a 55% stake of its enlarged share capital to Subramaniam.
The placement will trigger a mandatory general offer (MGO).
Subramaniam, who founded DMIAin 1996, is planning to maintain Comcorp listing status.
DMIA is the contractor for the Klang Valley Double Track Rehabilitation Project - Phase 2 (KVDT2) project, involving the upgrading of railway infrastructure and system at Klang Valley Double Track.
On July 22, DMIA had agreed to grant subcontract work worth RM132.36mil to Comcorp. The work involved upgrading of railway infrastructure and system at KVDT2.