I-Berhad (7029-H) - Bursa Malaysia
I-Berhad (7029-H) - Bursa Malaysia
I-Berhad (7029-H) - Bursa Malaysia
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56 22.Significant Event<br />
During the year, a wholly owned subsidiary, I-Marcom Sdn Bhd (IMSB) was incorporated with an initial<br />
paid up share capital of RM2. On 4 August, 1999, the paid up share capital was increased from RM2 to<br />
RM50,000 comprising 50,000 ordinary shares of RM1 each. The principal activity of IMSB is marketing<br />
communications, promotions and provisions of after sales service for household electrical appliances.<br />
IMSB commenced operation during the financial year.<br />
23.Subsequent Events<br />
Subsequent to the year end,<br />
a. the Company announced the following:<br />
i. Proposed bonus issue of 20,196,000 new ordinary shares of RM1.00 each on the basis of<br />
one (1) new ordinary share for every one (1) existing ordinary share held;<br />
ii. Proposed rights issue of:<br />
– 40,392,000 new ordinary shares of RM1.00 each; and<br />
– RM40,392,000 nominal value of 5-year 5% irredeemable convertible unsecured loan<br />
stock (“ICULS”)<br />
with 40,392,000 free detachable warrants on the basis of two (2) new ordinary shares and<br />
RM2.00 nominal amount of ICULS with two (2) free detachable warrants for every one (1) existing<br />
share held before the proposed bonus issue.<br />
The above exercise is subject to approval by the relevant authorities and the shareholders.<br />
b. the Company disposed of the balance of its investment in quoted shares of Pensonic Holding <strong>Berhad</strong><br />
for approximately RM11,562,000 with a gain of approximately RM3,798,000.