Posted by YgAriff > 2018-04-27 15:38 | Report Abuse

So is it over for Kinsteel?

Posted by Ruggedfix > 2018-05-31 21:15 | Report Abuse

any news or status for this share?

Posted by Jokers2020 > 2019-12-19 21:34 | Report Abuse

Kinsteel creditors approve proposed scheme of arrangement


December 19, 2019 14:11 pm 08


KUALA LUMPUR (Dec 19): Troubled steelmaker Kinsteel Bhd's scheme creditors have approved a proposed scheme of arrangement (SOA) that paves the way for the company to exit its Practice Note 17 (PN17) status.

The SOA was approved at a court-convened meeting on Dec 13, said the group in a filing to Bursa Malaysia today.

Kinsteel will now submit an application to the High Court for the outcome of the meeting to be sanctioned through a court order.

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However, the company has amended its proposed regularisation plan, by offering its corporate guarantee holders RM25 million worth of irredeemable convertible preference shares (ICPS) and RM25 million worth of redeemable convertible preference shares (RCPS), instead of RM5 million worth of RCPS as stated in its Sept 24, 2019 Bursa announcement.

The SOA involves total liabilities of RM1.68 billion as at June 30, 2017, of which financial institutions hold RM815.2 million or 48.5%, while corporate guarantee holders are owed RM865.6 million or 51.5%.

It is part of a broader regularisation plan that involves disposal of properties, share consolidation and other fundraising exercises.

"This marks a key milestone for Kinsteel to move ahead with its plans to exit from the PN17 status, following the release of the requisite announcement on the proposed regularisation scheme via its appointed principal adviser, M