The signatories were Perwaja, its major unit Perwaja Steel Sdn Bhd (PSSB) and Tianjin Zhiyuan Investment Group Ltd’s unit Zhiyuan International Investment & Holding Group (Hong Kong) Co Ltd. Given the lapse of time to fulfil the conditions precedent, Perwaja and PSSB had notified Zhiyuan that the agreements had lapsed and expired and that neither party would have any obligation to the other. Based on the original tentative timeline, the proposed regularisation scheme was slated for completion by June 2016. The proposed regularisation exercise would have also involved a proposed par value reduction and share premium reduction, a proposed special issue to Zhiyuan, and a proposed rights issue with warrants, among others. However, Zhiyuan’s participation in the scheme was conditional on the fulfillment of all the conditions precedent in the MFA.

Source: The Star February 08, 2017 22:07 UTC