MULTIPLE PROPOSALS COMINTEL CORPORATION BHD ("COMINTEL" OR "COMPANY") (I) PROPOSED ACQUISITION; (II) PROPOSED RIGHTS ISSUE; (III) PROPOSED PRIVATE PLACEMENT; (IV) PROPOSED ESTABLISHMENT OF A NEW EXECUTIVES' SHARE SCHEME; (V) PROPOSED BONUS ISSUE; AND (VI) PROPOSED CHANGE OF NAME (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

COMINTEL CORPORATION BHD

Type Announcement
Subject MULTIPLE PROPOSALS
Description 
COMINTEL CORPORATION BHD ("COMINTEL" OR "COMPANY")

(I)	PROPOSED ACQUISITION;
(II)	PROPOSED RIGHTS ISSUE;
(III)	PROPOSED PRIVATE PLACEMENT;
(IV)	PROPOSED ESTABLISHMENT OF A NEW EXECUTIVES' SHARE SCHEME;
(V)	PROPOSED BONUS ISSUE; AND
(VI)	PROPOSED CHANGE OF NAME

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

We refer to the announcement dated 6 December 2023 in relation to the Proposals (“Initial Announcement”). Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcement.

In reference to Section 4.6 of the Initial Announcement, AmInvestment Bank on behalf of Comintel wishes to clarify that in the event the Proposed Acquisition fails to materialise, the indicative total proceeds to be utilised for purposes of working capital of the Group arising from the Proposed Rights Issue and the Proposed Private Placement shall amount to an aggregate of RM86.47 million (calculated based on the Rights Issue Price and Illustrative Placement Issue Price). In this respect, the amount allocated towards the abovementioned purpose is after taking into consideration the increased operational requirements of the Group as the Group’s order book have grown to RM1.52 billion as at the LPD, as compared to RM565.59 million as disclosed in Comintel’s circular to shareholders dated 7 September 2022 for purposes of its PN17 Regularisation.

This announcement is dated 7 December 2023.



Announcement Info

Company Name COMINTEL CORPORATION BHD
Stock Name COMCORP
Date Announced 07 Dec 2023
Category General Announcement for PLC
Reference Number GA1-07122023-00060