Announcement Details/Table Section :
Further to the Company's monthly announcement dated 3 December 2012 on the status of the Company's regularisation plan pursuant to PN17 of the Main Market Listing Requirements of Bursa Securities, the Board of Directors of HAISAN wishes to inform that with the assistance of Corporate Debt Restructuring Committee ("CDRC"), the Company had received 100% approval from the secured lenders and 93% approval from the unsecured lenders respectively for its Proposed Alternative Settlement Scheme, as informed by CDRC via its letter dated 21 December 2012. Haisan is required to execute the Debt Restructuring Agreement ("DRA") with both the secured and unsecured lenders within 30 days from the date of the letter.
Furthermore, as announced by the Company's adviser, Public Investment Bank Berhad ("PIVB"), on 28 December 2012, that all the resolutions in relation to the disposals by the Company's subsidiaries of seven (7) parcels of contiguous land together with the buildings, as well as the equipment attached to the buildings (collectively referred to as "Port Klang Properties") for cash consideration of RM28.05 million and RM6.95 million respectively, and the subsequent lease by the Company's subsidiary of the Port Klang Properties, were duly passed by the Company's shareholders at an extraordinary general meeting held on 28 December 2012. As agreed under the Proposed Alternative Settlement Scheme, the Company will utilise RM34.0 million out of total cash consideration of the disposals of Port Klang Properties of RM35.0 million as the full and final settlement for the debt owing to the entitled secured lenders, who are the chargees of the Port Klang Properties.
The Company, with the assistance of PIVB, is currently in the midst of preparing for the submission of its revised Proposed Regularisation Plan to Bursa Securities for approval.
The Company will announce further developments on the above matter as and when necessary.
This announcement is dated 2 January 2013.
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