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ASIA MEDIA GROUP Berhad
Annual Report 2016
124
Notes to the Financial Statements
(continued)
27. Significant events during the year
Pursuant to Company’s announcement on 29 July 2015, Asia Media Group Berhad had proposed
to undertake the following:
a) Proposed par value reduction of the issued and paid up share capital from RM0.10 to
RM0.02 per share. Pursuant to the par value reduction, the issued share capital of the
Company had been reduced from RM119,731,714 comprising 1,197,317,137 ordinary
shares of RM0.10 each to RM23,946,343 comprising 1,197,317,137 ordinary shares of
RM0.02 each;
b) Proposed share consolidation of its issued and paid up share capital of every five (5) ordinary
shares of RM0.02 each into one (1) ordinary shares of RM0.10 each from 1,197,317,137
ordinary shares of RM0.02 each to 239,463,426 ordinary shares of RM0.10 each;
c) Proposed renounceable rights issue of 979,761,672 new ordinary shares on the basis of
three (3) right shares of every one (1) existing shares held, together with up to 326,587,224
free detachable warrants on the basis of one (1) warrant for every three (3) rights shares
subscribed at an entitlement date to be determined later; and
d) Proposed diversification of the existing business of the Group and its subsidiaries to include
oil palm plantation business.
The proposed par value reduction, proposed share consolidation, proposed right issue with
warrants and proposed diversification are collectively referred as the “Proposals”.
The Company’s shareholders had approved the said Proposals at the Extraordinary General
Meeting of the Company held on 24 August 2015.
On 7 December 2015, the Board announced that the par value reduction shall take effect and
deemed completed on this date.
On 23 December 2015, the Board further announced that the share consolidation has been
completed.
On 5 July 2016, the Board announced that Bursa Securities had approved the Company
application for an extension of 6 months from 8 July 2016 to 7 January 2017 to complete the
implementation of the rights issue of shares with warrants.
On 23 December 2016, the Board further announced that Bursa Securities had approved the
Company application for an further extension of 6 months from 8 January 2017 to 7 July 2017
to complete the implementation of the rights issue of shares with warrants.