I-Berhad (7029-H) - Bursa Malaysia

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