Submitting Merchant Bank
AMMERCHANT BANK BERHAD
AKTIF LIFESTYLE CORPORATION BHD
AKTIF LIFESTYLE CORPORATION BERHAD ("AKTIF" OR THE "COMPANY")
- STATUS OF THE PLAN TO REGULARISE FINANCIAL CONDITION
We refer to the announcement on 6 July 2006 wherein it was announced that Bursa Malaysia Securities Berhad (“
”) has approved, amongst others, an extension of time of up to 30 September 2006 for the Company to submit the necessary applications to the relevant authorities for Aktif to regularise its financial condition.
Subsequent thereto, on 21 August 2006, AmMerchant Bank Berhad
(a member of AmInvestment Group)
”) had, on behalf of Aktif, made an application to the Securities Commission (“
”) in relation to the proposed waiver from complying with paragraph 17.06 of the SC’s Guidelines – Issue/Offer of Securities (“
”) which states that:-
“Any proposal that has been rejected by the SC may be re-submitted but only after a lapse of at least one year from the date the application for the proposal or for a review of decision, as the case may be, is rejected.”
The Proposed Waiver was sought so as to allow Aktif to submit an application to the SC on the new proposed restructuring scheme (“
New Proposed Restructuring Scheme
”) involving Strandcom MSC Berhad (“
”) by 30 September 2006, i.e. less than one (1) year since Aktif’s previous proposed restructuring scheme was rejected by the SC on 28 December 2005. However, we wish to inform that the SC had via its letter dated 13 September 2006, rejected the Proposed Waiver (“
Following the SC Rejection and after further deliberation between the Company and Strandcom, the promoters of Strandcom have decided to withdraw its participation in the New Proposed Restructuring Scheme as the delay and/or uncertainty in the timing for implementing the New Proposed Restructuring Scheme was no longer in line with its business plans.
In view of the above, AmMerchant Bank Berhad, on behalf of the Company, wishes to also announce that the Company has submitted an application to Bursa Securities to seek an approval for an extension of time of three (3) months, i.e. up to 30 December 2006, for the Company to identify a new suitable white knight and submit the necessary applications to the relevant regulatory authorities.
This announcement is dated 28 September 2006.
, Bursa Malaysia Berhad. All Rights Reserved.