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Amended Announcements Please refer to the earlier announcement reference number: LIP-27092019-00002
HONG SENG CONSOLIDATED BERHAD (FORMERLY KNOWN AS MSCM HOLDINGS BERHAD) ("HONG SENG" OR "COMPANY") ADJUSTMENTS TO THE CONVERSION PRICE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN HONG SENG ("ICPS"), CASH PAYMENT FOR CONVERSION OF ICPS AND NUMBER OF OUTSTANDING ICPS PURSUANT TO THE SHARE SPLIT INVOLVING A SUBDIVISION OF EVERY 1 EXISTING ORDINARY SHARE IN HONG SENG ("HONG SENG SHARE") HELD AS AT 5.00 P.M. ON 15 JUNE 2021 ("ENTITLEMENT DATE") INTO 2 HONG SENG SHARES ("SHARE SPLIT")
Hong Seng has full discretion over the declaration of dividends, if any. Dividends declared and payable annually in arrears are non-cumulative and shall be paid in priority over the Hong Seng Shares.
Pursuant to the adjustments to the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS arising from the Share Split ("Adjustments"), (i) the existing number of 103,848,155 ICPS as at the Entitlement Date will be adjusted into 207,696,310 ICPS, which will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 16 June 2021, being the next market day following the Entitlement Date; (ii) the conversion price of ICPS of RM0.20 each will be revised to RM0.10 each; and (iii) the cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new Hong Seng Share) of RM0.15 each will be revised to RM0.075 each. Further, in accordance with the provisions of the Companys Constitution, the Adjustments will take effect from 16 June 2021, being the next market day following the Entitlement Date. The notice setting out the details of the Adjustments to the holders of ICPS will be issued and despatched to entitled ICPS holders in due course. This announcement is dated 15 June 2021.