Announcement Details/Table Section :
(The abbreviations and words used in the ensuing sections of this Announcement shall have the same meanings as defined in the announcement dated 6 March 2013 unless the context otherwise requires or defined herewith.)
Reference is made to the Company's announcements dated 6 March 2013, 8 March 2013, 13 March 2013, 8 May 2013, 6 August 2013, 4 September 2013, 25 October 2013, 13 November 2013, 20 November 2013, 21 November 2013, 5 December 2013 and 2 January 2014 on the Proposed Regularisation Plan.
On behalf of the Board of Directors of Haisan, Public Investment Bank Berhad ("PIVB") wishes to announce that the High Court of Malaya at Shah Alam had, on 10 January 2014, confirmed and sanctioned the Company's Petition for an Order for the reduction of the Company's share capital ("Order") pursuant to Section 64 of the Companies Act, 1965 as follows:-
"The share capital of Haisan Resources Berhad is reduced from RM40,270,450 comprising of 80,540,900 ordinary shares of RM0.50 each to RM4,027,045 comprising of 80,540,900 ordinary shares of RM0.05 each by the cancellation of RM0.45 of the par value of each existing ordinary share of the Company in issue pursuant to Section 64 of the Companies Act, 1965 and that the credit arising therefrom be applied towards off-setting the accumulated losses of the Company."
An office copy of the Order has been lodged with the Companies Commission of Malaysia today and by the Order so lodged, the reduction of the share capital of Haisan has taken effect.
Pursuant to the completion of the Proposed Capital Reduction, the par value of each existing ordinary share in Haisan has been reduced from RM0.50 to RM0.05 each.
This announcement is dated 15 January 2014.
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