Puncak Niaga gets extension for issuance of CSIDS


KUALA LUMPUR: Puncak Niaga Holdings Bhd has clarified that the application for the issuance of the convertible secured Islamic debt securities (CSIDS) to the Securities Commission (SC) and the listing application together with the draft circular to Bursa Securities were extended from July 31, 2020 until Jan 31, 2021.

The Company said on July 30, 2020, it was announced that Puncak was still unable to procure the undertakings from the Undertaking Shareholders due to the impact from the COVID-19 pandemic resulting in continuing uncertainties in the financial markets.

Hence, the Board of Directors of the company confirms that it is not aware or currently involved in any other corporate developments relating to Puncak Niaga Group’s business and affairs that has not been previously announced that may account for the trading activity, including those in the stage of negotiation/discussion.

"The Board of Directors of the company hereby confirms that it is not aware of any rumour or report concerning Puncak Niaga Group’s business and affairs that would account for the trading activity; the company is not aware of any other possible explanation that would account for the trading activity.

"The Board of Directors of the company also confirms that the company is in compliance and will continue to comply with the Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations," the company said in a reply to Bursa Malaysia today.

Earlier, Bursa Malaysia highlighted the recent sharp rise in price and volume of the company’s shares today and the company's responses to the latest unusual market activity (UMA) queries issued by the exchange.

On Aug 29, 2019, Hong Leong Investment Bank Bhd (HLIBB), on behalf of the Board of Directors of the company, announced that the company is proposing to undertake a renounceable rights issue up to RM223,623,878 nominal value of five-year 6.50 per cent CSIDS at 100 per cent of its nominal value of RM1.00 on an entitlement date to be determined later.

However, on Oct 29, 2019, it was announced that the company was still in the midst of preparing the application for the issuance of the CSIDS to the SC and the listing application, together with the draft circular, to Bursa Securities and that the said application to the relevant authorities is expected to be made within a period of two months from Oct 29, 2019.

Further, on Dec 27, 2019, HLIBB had, on behalf of the company, announced that since Puncak Niaga had yet to procure the undertakings from the Undertaking Shareholders in view of the significant funds to be raised, the company would require more time to procure such undertakings from the Undertaking Shareholders.

"Consequently, the application for the issuance of the CSIDS to the SC and the listing application together with the draft circular to Bursa Securities were now expected to be made to the relevant authorities within a period of three months from Dec 27, 2019," it said.

On March 26, 2020, HLIBB announced, on behalf of the company, that it would require more time to procure such undertakings from the Undertaking Shareholders due to the current COVID-19 situation, and the application for the issuance of the CSIDS to the SC and the listing application together with the draft circular to the Bursa Securities were extended to July 31, 2020. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Daily oil palm activities in Sabah to continue amid SOPs - associations
SK Nexilis to build RM2.3bil copper foil facility in Kota Kinabalu�
Gabungan AQRS wins RM83.57mil job
BSL Corp slides over unsuccessful corporate exercise
RGT to speed up expansion as Q2 profit soars on strong export
Duopharma to supply 6.4 million doses of Sputnix V vaccine�
Pharmaniaga signs deal to supply 12 million doses of vaccine to MOH
Indonesia says new sovereign wealth fund attracts USD10b commitment
Disappointing close for Bursa, Public Bank retains part of gains
Jet engine maker Rolls-Royce cuts 2021 forecasts on travel slump

Stories You'll Enjoy


-->