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OTHERS PAN MALAYSIA CORPORATION BERHAD ("PM CORP" OR THE "COMPANY") PROPOSED CHANGE IN UTILISATION OF PROCEEDS RECEIVED FROM THE DISPOSAL OF CEMENT BUSINESS IN 1998 ("PROPOSED CHANGE IN UTILISATION")

PAN MALAYSIA CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
PAN MALAYSIA CORPORATION BERHAD ("PM CORP" OR THE "COMPANY")

PROPOSED CHANGE IN UTILISATION OF PROCEEDS RECEIVED FROM THE DISPOSAL OF CEMENT BUSINESS IN 1998 ("PROPOSED CHANGE IN UTILISATION")

We refer to the announcements made on 7 August 2000, 25 August 2000, 11 December 2000, 30 April 2001, 27 March 2003 and 16 December 2008 in relation to the utilisation of proceeds from the disposal of PM Corp’s cement associated companies in 1998.

 

On behalf of the Board of Directors of PM Corp, Mercury Securities Sdn Bhd wishes to announce that the Securities Commission Malaysia (“SC”) had vide its letter dated 3 March 2021 approved the Proposed Change in Utilisation for the remaining proceeds of RM24.1 million (“Unutilised Proceeds”).

 

The Unutilised Proceeds were previously allocated to finance the development of existing and new factory properties for the expansion of the manufacturing operations of Network Foods Industries Sdn Bhd (“NFI”), a wholly-owned subsidiary of PM Corp, and consolidation of its marketing and distribution operations with Network Foods (Malaysia) Sdn Bhd, a wholly-owned subsidiary of PM Corp. As this is no longer required, PM Corp had on 7 January 2021 submitted the Proposed Change in Utilisation to the SC and the SC had approved the Unutilised Proceeds to be reallocated in the following manner:

No.

Purpose

Note

RM’000

Timeline for utilisation after the SC’s approval

1.

Management fee and other operating expenses

(i)

3,000

Within 1 year

2.

Purchase of inventories

(ii)

21,083

Within 1 year

 

Total

 

24,083

 

Notes:

(i) To be utilised for management fees charged by PM Corp’s related company, Malayan United Management Sdn Bhd and operating expenses which includes audit fees, tax agent fees, the Company’s annual listing fees payable to Bursa Malaysia Securities Berhad, expenses for the Company’s annual general meeting, etc.

(ii) For the purchase of inventories comprising amongst others, raw materials and packing materials for NFI. The breakdown for each type of purchases cannot be determined at this juncture as it would depend on the actual production requirement at the relevant time.

 

This announcement is dated 4 March 2021.






Announcement Info

Company Name PAN MALAYSIA CORPORATION BERHAD
Stock Name PMCORP
Date Announced 04 Mar 2021
Category General Announcement for PLC
Reference Number GA1-04032021-00096


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