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24 Apr 2013 15:05
24 April 2013
Resource Holding Management Limited
("RHM" or the "Company")
Conditional approval of proposed disposal by Bursa Malaysia Securities Berhad
On 16 November 2010 the Company announced that it had entered into a conditional Sale of Shares Agreement ("SSA") with PUC Founder (MSC) Berhad ("Founder") for the proposed disposal of the entire issued share capital of RedHot Media Group Sdn Bhd ("RMG"), Red Media Asia Limited ("Red Media") and Ausscar Group Sdn Bhd ("Ausscar"), all of which are wholly owned operating subsidiaries of RHM, (the "Proposed Disposal") to Founder.
The Proposed Disposal is subject to, inter alia, obtaining regulatory approvals in Malaysia, including approval by Bursa Malaysia Securities Berhad ("Bursa Securities"), the stock exchange of Malaysia. On 6 December 2012 Founder submitted a revised application to Bursa Securities to reflect the terms of the Second Supplemental SSA, further details of which were announced by RHM on 14 November 2012.
Founder announced today that it had received written confirmation, through a letter dated 22 April 2013, that Bursa Securities has resolved to approve the Proposed Disposal, subject to a number of conditions. These conditions include, inter alia, Founder complying with various requirements relating to the implementation of the Proposed Disposal, as stipulated in the ACE Market Listing Requirements of Bursa Securities, and submission of additional information to Bursa Securities.
These conditions are disclosed in full in the announcement released by Founder today, which can be downloaded here:
http://www.rns-pdf.londonstockexchange.com/rns/1494D_-2013-4-24.pdf
As detailed previously the Proposed Disposal is, pursuant to Rule 15 of the AIM Rules for Companies, conditional on approval by shareholders of RHM in a general meeting to be convened and the Company will, subject to all the necessary regulatory approvals being obtained in Malaysia, dispatch in due course a circular to shareholders of RHM convening a general meeting of the Company.
As previously announced the Board of RHM expects the Proposed Disposal to be completed during the first half of 2013.
For further information please contact:
Resource Holding Management Limited | |
Cheong Chia Chieh
| Tel: +6012 329 5522 |
Allenby Capital Limited (Nominated Adviser and Broker) | Tel: +44 (0)203 328 5656 |
Nick Athanas / James Reeve
| |
Leander PR (Financial PR) | Tel: +44 (0)7795 168 157 |
Christian Taylor-Wilkinson |
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