in the court of appeal malaysia (appellate jurisdiction)

until all avenues be exhausted before rights issue by the
Company be considered.
Ms Kat Yong remarked that NKC is raising the Rights Issue for
its Group. She added that the Company is merely 70% owned
by NKC whereas other subsidiaries are 100% owned by NKC.
Hence NKC may only assist the Company to the extent of 70%
of which is still subject to the approval of the Board of NKC.
She further added that in any event, NKC cannot afford to
allow the Company to default the bank, otherwise the banking
facilities of the whole NKC Group would be affected and hence
with or without Rights Issue NKC would still he supporting
PNK.
At this juncture. Datuk Chairman reminded all members of the
Board to refrain from saying anything which they do not mean
at this meeting.
Mr. Kung expressed his concern over the future of the
Company and the inability of the Company to give confident to
the shareholders on its ability to generate profit and hence
unable to convince the shareholders to pump in more capital
into the Company.
Tan Sri Lau remarked that the Management should try to
convince both the Board of Directors and the shareholders by
presenting a detail proposal paper setting out a comprehensive
plan which include a schedule on how and when the
shareholders can recoup their capital investment. Mr. Kung
agreed with Tan Sri Lau on the Management to supply the
shareholders with more information.
Datuk Chairman remarked that the Company put into effect the
decision of the shareholders. He suggested that the
shareholders get together and discuss first before going to the
Board. Tan Sri Lau agreed that the shareholders have a
discussion among themselves first.
The Board finally agreed that the shareholders shall have a
separate meeting on the proposed rights issue.”
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