announcement : 8 October 2009
Type : Reply to query
Reply to : Bursa Malaysia's Query Letter - Reference ID: MN-091007-41781
Subject : THREE-A RESOURCES BERHAD ("3A" OR THE "COMPANY")
Query Letter content :

We refer to your Company's announcement dated 5 October 2009, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  • Breakdown between working capital and new overseas investment;
  • A description of the new overseas investment where the new business operates or will be operating; and
  • Justification for embarking on the Proposed Private Placement rather than other available options.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

SUZALINA HARUN
Head, Issuers
Listing Division Regulation

SUZ/LMN copy to:- Head, Market Surveillance, Securities Commission (via fax)

Annoucement Details :

(The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 5 October 2009 in relation to the Proposed Private Placement ("Announcement").

We refer to our Announcement and the query letter from Bursa Malaysia Securities Berhad dated 7 October 2009 requesting for additional information in relation to the Proposed Private Placement.

On behalf of the Board, OSK wishes to announce the following:-

  • The breakdown between working capital and new overseas investment are set out below:-
    Details of utilisation Amount of Proceeds(RM)
    Working capital25,800,000
    New overseas investment20,000,000
    Estimated expenses400,000
    Total46,200,000
  • The new overseas investment includes exploring and setting up of plants in China.
  • The Board views the Proposed Private Placement as the most appropriate avenue of raising funds as compared to other equity or debt financing options as it enables 3A to raise funds expeditiously and strengthen its balance sheet position without incurring interest costs, as compared to bank borrowings.

Furthermore, Wilmar, a strategic third party investor, had indicated its interest to participate in the Proposed Private Placement. Hence, the immediate funds to be obtained from the Proposed Private Placement would support the objectives of both 3A and Wilmar to collectively venture into any future overseas investment.

 

back to top go to top

Local Navigation