BUSINESS

PIMPINAN EHSAN TO UNDERTAKE CAPITAL REPAYMENT, DELISTING FROM BURSA SECURITIES

27/01/2021 03:31 PM

KUALA LUMPUR, Jan 27 -- Pimpinan Ehsan Bhd (PEB) is proposing to undertake a capital repayment exercise that involves a pro-rata cash distribution of approximately RM66.7 million -- on the basis of 96 sen per share -- on an entitlement date to be determined later.

In a filing with Bursa Malaysia today, the cash company said upon completion of the capital repayment exercise, the company proposes to delist from the official list of Bursa Securities.

“After the delisting, the board will consider the options available to the company to return the residual assets (after settling all outstanding debts) to its shareholders,” it said.

PEB said it had been actively identifying and evaluating potential businesses/assets to be acquired and exploring various options to formulate a regularisation plan.

This culminated in a heads of agreement (HOA) signing on Nov 28, 2019, to acquire the entire equity interests in Ecoscience Manufacturing & Engineering Sdn Bhd, as well as in Asia Ecoscience Pte Ltd.

Unfortunately, the HOA was mutually terminated on April 20, 2020, after taking into consideration the uncertainties surrounding the global economy and financial market.

Following the termination of the HOA, the company’s efforts in identifying a suitable acquisition target were hampered by the COVID-19 pandemic and uncertain economic conditions, it said.

“Hence, the capital repayment is a viable option to distribute substantially all the cash back to our shareholders.

“The proposed delisting would facilitate the withdrawal of PEB from the official list of Bursa Securities,” it added.

PEB said barring any unforeseen circumstances, the proposals are expected to be completed by the second quarter of 2021.

-- BERNAMA

 


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