On behalf of the Board of Directors
of AIC, Commerce International Merchant Bankers Berhad is pleased to announce that the
Securities Commission ("SC") has vide its letter dated 16 May 2000 approved the
Proposals.
The approval of the SC for the Proposals is subject
to inter-alia the following conditions:-
(i) the approval of the Ministry of Finance
("MOF") for the exemption from the requirement of S365(1A) of the Companies Act,
1965 for the Proposed Bonus Issue; and
(ii) the 25% public shareholding spread requirement
to the met by AIC prior to the Proposed Transfer.
In addition to the above, CIMB is pleased to
announce that the approval of the MOF for the exemption from the requirement of S365(1A)
of the Companies Act, 1965 for the Proposed Bonus Issue was obtained on 3 May 2000.
In conjunction with the Proposed Transfer, the
Promoters of AIC namely, Asteria Sdn. Bhd. and Mohd. Ali bin Bawal sought the approval of
the SC for the lifting of moratorium imposed on the sale of their shares in AIC at the
time of the listing of AIC on the Second Board of the Kuala Lumpur Stock Exchange
("KLSE") on 14 December 1994 ("Lifting of Moratorium"). The Lifting of
Moratorium was also approved by the SC in its letter dated 16 May 2000.
The Proposals are still subject to the approval of
the KLSE
