Contact us
Amended AnnouncementsPlease refer to the earlier announcement reference number: LIP-15062021-00006
HONG SENG CONSOLIDATED 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 BONUS ISSUE OF 2,554,208,384 NEW ORDINARY SHARES IN HONG SENG ("HONG SENG SHARES") ("BONUS SHARES") ON THE BASIS OF 1 BONUS SHARE FOR EVERY 1 EXISTING HONG SENG SHARE HELD AS AT 5.00 P.M. ON 27 JUNE 2022 ("ENTITLEMENT DATE") ("BONUS ISSUE")
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.
Not Applicable
Pursuant to the adjustments to the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS arising from the Bonus Issue ("Adjustments"), (i) the existing number of 1,435,110 ICPS as at the Entitlement Date will be adjusted into 2,870,220 ICPS, whereby the additional 1,435,110 ICPS will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 28 June 2022, being the next market day following the Entitlement Date; (ii) the conversion price of ICPS of RM0.10 each will be revised to RM0.05 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 RM0.075 each will be revised to RM0.0375 each. Further, in accordance with the provisions of the Company's Constitution, the Adjustments will take effect from 28 June 2022, 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 despatched in due course. This announcement is dated 27 June 2022.