Friday, September 23, 2011

OSK Investment Bank resigns as Kinsteel independent adviser

KUALA LUMPUR: OSK Investment Bank Bhd has resigned as an independent adviser to KINSTEEL BHD []'s corporate exercise, which includes a proposed restricted offer for sale.

According to a statement on Friday, Sept 23, OSK Investment Bank had resigned with effect from Thursday, citing that new developments had arisen which it believed would affect its independence to act as the independent adviser.

TA Securities Holdings Bhd was appointed as the new independent adviser to replace OSK Investment Bank.

The corporate exercise involved a proposed subscription of RM280 million nominal value of seven-year 7% redeemable convertible unsecured loan stocks issued by its subsidiary, Perwaja Holdings Bhd at 100% of its nominal value.

Kinsteel had proposed a renounceable restricted offer for sale of such nominal value of the RCULS held by it to the entitled shareholders of Perwaja, other than Kinsteel, on the basis of RM1 nominal value of RCULS for every two existing shares of RM1 each in Perwaja.

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