Undercapitalised PLCs get extension to meet minimum paid-up capital requirement


The Securities Commission (SC) today announced that the deadline for undercapitalised companies listed on the Kuala Lumpur Stock Exchange (KLSE) to meet the minimum RM60 million and RM40 million paid-up capital requirement (for the Main Board and Second Board respectively) has been extended by another one year from 31 December 2002 to 31 December 2003.


The deadline to meet the minimum paid-up capital requirement was reviewed and extended in the light of several factors, among others, the weak market conditions which made it difficult for listed companies to undertake capital-raising exercises as well as the feedback and applications for extension of time from undercapitalised companies.


Undercapitalised listed companies are reminded that if they still fail to meet the minimum paid-up capital requirement by the new deadline of 31 December 2003, they will be classified under a separate sector by KLSE and tagged as “Undercapitalised”. Such companies may also be imposed with trading restrictions.


Undercapitalised listed companies are also reminded of their obligation to keep shareholders and investors informed of their non-compliant status through their quarterly financial results.


In addition, the SC wishes to emphasise that, as highlighted in the SC’s previous press release dated 26 November 2001, it will only consider corporate proposals by undercapitalised companies if their proposals would increase their paid-up capital to the minimum level.


As at 29 November 2002, 140 of the companies listed on KLSE have yet to achieve the minimum paid-up capital requirement. (The full list of undercapitalised listed companies is attached in the Appendix)


The SC stressed that the deadline extension applies solely to undercapitalised listed companies that have yet to fulfill the minimum paid-up capital requirement. There is no extension of deadline for PN4 companies (companies that have been classified under KLSE’s Practice Note 4) to regularise their financial position.


SECURITIES COMMISSION
3 December 2002



Note to Editor


The RM60 million and RM40 million paid-up capital requirement for companies listed on the Main Board and the Second Board of the Kuala Lumpur Stock Exchange (KLSE) respectively, was introduced by the Securities Commission (SC) in early 1999 to increase the free float and liquidity of shares of companies listed on the KLSE. Prior to 1999, the minimum paid-up capital requirement for listed companies on the Main Board and the Second Board of the KLSE were RM50 million and RM10 million, respectively. Listed companies were originally given a time frame of three years until the end of April 2002 to comply with the minimum share-capital requirement. The deadline was later extended from April 2002 to December 2002 which was announced during the Budget 2002 speech by the Prime Minister.



APPENDIX
List of Undercapitalised Companies as at 29 November 2002


Main Board  
























































































































































No.  


Company  


Paid-Up Capital (RM)
as at 29.11.2002

 


1  


Abrar Corporation Bhd  


32,000,000  


2  


Actacorp Holdings Bhd  


37,720,000  


3  


Ajinomoto (M) Bhd  


40,532,356  


4  


Amalgamated Industrial Steel Bhd  


52,003,500  


5  


Berjuntai Tin Dredging Bhd  


30,526,200  


6  


Bina Puri Holdings Bhd  


40,000,000  


7  


Bukit Katil Resources Bhd  


44,100,000  


8  


C. I. Holdings Bhd  


57,377,835  


9  


CHG Industries Bhd  


47,850,002  


10  


Diperdana Holdings Bhd  


35,000,000  


11  


George Kent (M) Bhd  


42,202,792  


12  


Inch Kenneth Kajang Rubber PLC  


4,896,000  


13  


Intan Utilities Bhd  


53,543,002  


14  


Kia Lim Bhd  


44,579,000  


15  


Kluang Rubber Co (M) Bhd  


2,006,385  


16  


Kramat Tin Dredging Bhd  


3,960,000  


17  


Kuchai Development Bhd  


1,311,995  


18  


KYM Holdings Bhd  


40,939,967  


19  


Linear Corporation Bhd  


51,748,333  


20  


Malaysia Aica Bhd  


54,317,280  


21  


Marco Holdings Bhd  


47,425,523  


22  


Mentakab Rubber Co (M) Bhd  


1,400,674  


23  


Mentiga Corporation Bhd  


37,500,000  


24  


MMC Engineering Group Bhd  


31,630,893  


25  


NCK Corporation Bhd  


37,360,005  


26  


Negara Properties (M) Bhd  


58,832,634  


27  


Nexnews Bhd  


40,000,000  


28  


OCB Bhd  


42,500,000  


29  


Riverview Rubber Estates Bhd  


10,808,408  


30  


RNC Corporation Bhd  


45,319,709  


31  


Setron (M) Bhd  


50,266,667  


32  


Sin Heng Chan (Malaya) Bhd  


18,994,375  


33  


SPK Sentosa Corporation Bhd  


50,850,943  


34  


Sungei Bagan Rubber Co (M) Bhd  


1,890,361  


35  


Syarikat Takaful Malaysia Bhd  


55,000,000  


36  


The Ayer Molek Rubber Company Bhd  


1,800,000  


 Second Board  
































































































































































No.  


Company  


Paid-Up Capital (RM)
as at 29.11.2002

 


1  


Advanced Packaging Technology (M) Bhd  


18,226,000  


2  


Aktif Lifestyle Corporation Bhd  


20,479,000  


3  


Amtek Holdings Bhd  


39,999,000  


4  


Artwright Holdings Bhd  


23,236,000  


5  


Atlan Holdings Bhd  


17,929,000  


6  


Autoair Holdings Bhd  


27,500,000  


7  


Autoindustries Ventures Bhd  


25,000,000  


8  


Autoways Holdings Bhd  


25,470,840  


9  


Avangrade Resources Bhd  


35,000,000  


10  


B.I.G. Industries Bhd  


19,218,000  


11  


Bell & Order Bhd  


19,184,000  


12  


Bescorp Industries Bhd  


19,000,000  


13  


Bina Goodyear Bhd  


35,000,000  


14  


Bridgecon Holdings Bhd  


19,950,000  


15  


Britac Bhd  


16,000,000  


16  


BTM Resources Bhd  


19,999,000  


17  


Central Industrial Corporation Bhd  


10,195,000  


18  


Changhuat Corporation Bhd  


39,999,000  


19  


Chin Foh Bhd  


39,000,000  


20  


CME Group Bhd  


19,100,000  


21  


CNLT (Far East) Bhd  


37,000,000  


22  


Computer Forms (M) Bhd  


16,400,000  


23  


Concrete Engineering Products Bhd  


29,850,000  


24  


Consolidated Farms Bhd  


20,898,000  


25  


Eden Enterprises (M) Bhd  


39,999,000  


26  


Elba Holdings Bhd  


28,000,000  


27  


Emico Holdings Bhd  


22,260,000  


28  


EPE Power Corporation Bhd  


12,000,000  


29  


Esprit Group Bhd  


21,998,000  


30  


Fajar Baru Capital Bhd  


39,999,000  


31  


Federal Furniture Holdings (M) Bhd  


27,681,500  


32  


Fitters Holding Bhd  


37,683,728  


33  


FW Industries Bhd  


26,888,000  


34  


Ganad Corporation Bhd  


19,000,000  


35  


Geahin Engineering Bhd  


19,999,000  


36  


General Soil Engineering Holdings Bhd  


27,500,000  


37  


Global Carriers Bhd  


19,999,998  


38  


Grand Hoover Bhd  


30,000,000  




























































































































































39  


Harvest Court Industries Bhd  


19,820,000  


40  


Hexagon Holdings Bhd  


21,967,000  


41  


Hotline Furniture Bhd  


21,788,000  


42  


HPI Resources Bhd  


38,685,935  


43  


Hwa Tai Industries Bhd  


13,230,000  


44  


Jasatera Bhd  


19,980,000  


45  


Jutajaya Holdings Bhd  


35,327,585  


46  


Kilang Papan Seribu Daya Bhd  


19,999,000  


47  


L&M Corporation (M) Bhd  


20,401,000  


48  


Lankhorst Bhd  


39,999,000  


49  


Len Cheong Holding Bhd  


35,000,000  


50  


Long Huat Group Bhd  


37,344,000  


51  


Magna Prima Bhd  


33,300,000  


52  


Malaysia Packaging Industry  


21,021,412  


53  


Medas Corporation Bhd  


14,000,000  


54  


Mercury Industries Bhd  


36,182,000  


55  


Metal Reclamation Bhd  


39,800,000  


56  


Nauticalink Bhd  


19,999,000  


57  


Ngiu Kee Corporation (M) Bhd  


28,000,000  


58  


Ocean Capital Bhd  


39,900,000  


59  


OCI Bhd  


39,225,000  


60  


Pancaran Ikrab Bhd  


19,000,000  


61  


Paxelent Corporation Bhd  


39,900,000  


62  


Pembinaan Limbongan Setia Bhd  


21,780,000  


63  


Pohmay Holdings Bhd  


27,500,000  


64  


Ralco Corporation Bhd  


20,980,000  


65  


Rapid Synergy Bhd  


19,999,000  


66  


Rediffusion Bhd  


18,675,000  


67  


Repco Holdings Bhd  


14,254,002  


68  


Rex Industry Bhd  


30,899,000  


69  


Sarawak Concrete Industries Bhd  


18,000,000  


70  


SBBS Consortium Bhd  


33,000,000  


71  


SCK Group Bhd  


19,875,000  


72  


Seacera Tiles Bhd  


39,999,000  


73  


Seloga Holdings Bhd  


28,000,000  


74  


Seng Hup Corporation Bhd  


19,998,000  


75  


Seni Jaya Corporation Bhd  


16,888,888  


76  


Serisar Industries Bhd  


32,000,000  




















































































































77  


SHH Resources Holdings Bhd  


19,999,000  


78  


Sin Kean Boon Group Bhd  


18,000,000  


79  


SM Summit Holdings Bhd  


30,000,000  


80  


Southern Plastic Holdings Bhd  


19,999,000  


81  


Sportma Corporation Bhd  


25,000,000  


82  


SRII Bhd  


39,960,000  


83  


Stamford College Bhd  


19,990,004  


84  


STS Tecnic Bhd  


21,890,000  


85  


Super Enterprise Holdings Bhd  


19,910,000  


86  


Syarikat Kayu Wangi Bhd  


16,280,000  


87  


Tai Kwong Yokohama Bhd  


19,800,000  


88  


Taiping Super Bhd  


19,999,000  


89  


Tajo Bhd  


39,540,000  


90  


Takaso Resources Bhd  


23,370,000  


91  


Teck Guan Perdana Bhd  


19,998,451  


92  


Teo Guan Lee Corporation Bhd  


19,999,000  


93  


Tomypak Holdings Bhd  


19,940,000  


94  


Transocean Holdings Bhd  


28,998,550  


95  


Transwater Corporation Bhd  


13,000,000  


96  


Tru-Tech Holdings Bhd  


35,915,366  


97  


UCP Resources Bhd  


39,900,000  


98  


United Chemical Industries Bhd  


18,500,000  


99  


Widetech (M) Bhd  


18,000,000  


100  


Woo Hing Brothers (Malaya) Bhd  


15,600,000  


101  


Woodlandor Holdings Bhd  


19,999,000  


102  


Yinson Holdings Bhd  


19,800,000  


103  


Yong Tai Bhd  


39,900,000  


104  


Zaitun Bhd  


39,999,000