1) Introduction
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Pursuant to Paragraph 9.19 of the Main Market Listing Requirements ("Main LR") of Bursa Malaysia Securities Berhad ("Bursa Securities"), Telekom Malaysia Berhad (“TM”) wishes to announce that its subsidiary held via Tekad Mercu Berhad (“Tekad Mercu”) namely, Rebung Utama Sdn Bhd (“Rebung Utama”), has commenced Member’s Voluntary Winding Up on 15 December 2011 in accordance with Section 254(1)(b) of the Companies Act, 1965 ("the Winding-up").
Pursuant thereto, Encik Abu Bakar Rajudin of Abu Bakar Rajudin (Insolvency Services) Sdn Bhd, Suite D, Resorts Business Suites, 18-2, Jalan Kampung Attap, 50460 Kuala Lumpur was appointed as the Liquidator for Rebung Utama.
2) Information on Rebung Utama
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Rebung Utama was incorporated in Malaysia on 28 June 2003 as special purpose vehicle. Its authorised capital is RM100,200.00 comprising of 100,000 ordinary shares of RM1.00 each, 10,000 Class A Non-Cumulative Redeemable Preference Shares (“NCRPS”) of RM0.01 each and 10,000 Class B NCRPS of RM0.01 each, out of which 2 ordinary shares of RM1.00 each was fully paid-up to Tekad Mercu, a wholly owned subsidiary of TM.
Rebung Utama was established as a part of the financing vehicle for TM’s corporate exercise in 2003. Following the restructuring and replacement of TM’s conventional debt financing to TM Islamic Stapled Income Securities and the redemption of the Class A and Class B NCRPS issued to Tekad Mercu, the company has served its purpose and is now inactive.
3) Rationale for the Winding-up
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The Winding-up exercise of Rebung Utama is part of the rationalisation and continuing streamlining exercise of TM Group. Following the redemption of the NCRPS, Rebung Utama has served its purpose as TM's special purpose vehicle.
4) Financial Effects of the Winding-up
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The Winding-up of Rebung Utama will not have any material effect on the consolidated earnings and net assets of TM Group for the financial year ending 31 December 2011.
5) Directors' and Substantial Shareholders' Interest
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None of the Directors and Substantial Shareholders of TM or persons connected with them has any interest, direct or indirect, in the Winding-up of Rebung Utama.
6) Directors' Opinion on the Winding-up
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The Directors of TM are of the opinion that the Winding-up is in the best interest of TM.
This announcement is dated 16 December 2011.
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