Submitting Merchant Bank
:
AMINVESTMENT BANK BERHAD
Company Name
:
AHMAD ZAKI RESOURCES BERHAD
Stock Name
:
AZRB  
Date Announced
:
15/01/2014


Type
:
Announcement
Subject
:
MULTIPLE PROPOSALS

Description
:
On behalf of the Board of Directors of AZRB ("Board"), AmInvestment Bank Berhad ("AmInvestment Bank") wishes to announce that the Company proposes to undertake the following:-

(i) proposed reduction of the issued and paid-up share capital of AZRB via the cancellation of RM0.25 of the par value of each existing ordinary share of RM0.50 each in AZRB ("Proposed Par Value Reduction");

(ii) proposed renounceable rights issue of up to 207,706,641 new ordinary shares of RM0.25 each in the Company ("AZRB Shares") ("Rights Shares") together with up to 103,853,320 free detachable warrants ("Warrants") at an issue price of RM0.50 per Rights Share on the basis of six (6) Rights Shares together with three (3) free Warrants for every eight (8) existing AZRB Shares held after the Proposed Par Value Reduction ("Proposed Rights Issue With Warrants");

(iii) proposed establishment of an employees' share scheme of up to fifteen percent (15%) of the issued and paid-up share capital of the Company (excluding treasury shares) for the eligible employees and Directors of AZRB and its subsidiaries ("AZRB Group" or "Group") which are not dormant at any point in time ("Proposed ESS"); and

(iv) proposed amendments to the Company's Memorandum and Articles of Association to facilitate the Proposed Par Value Reduction ("Proposed Amendments to M&A").

(Collectively referred to as the "Proposals").

Further details of the Proposals are set out in the attachment.

This announcement is dated 15 January 2014.

Attachments
:
AZRB - Announcement - PRIWW.pdf

Announcement Details/Table Section :


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