|Subject||IDAMAN UNGGUL BERHAD ("IDAMAN' OR "THE COMPANY") -PROPOSED PLAN BY BSI CAPITAL PROJECTS PTY. LIMITED ("BSI")|
Further to our announcement dated 17 November 2009 in relation to the offer made by BSI to acquire 72,245,988 ordinary shares registered in the name of the Executive Chairman,substantial shareholder of Idaman i.e. Dato' Che Mohd Annuar bin Che mohd Senawi ("Dato' Annuar"), we wish to inform that BSI has today issued a latter to the Company outlining amongst others, the following plans :
(A) To resolve the Redeemable Secured Loan Stocks ("RSLS") via cash injection and sale of Company's assets.
(B) To maintain the majority stake in Idris Hydraulic (Malaysia) Bhd.
(C) To develop a vertically integrated timber operation involving saw milling, plywood manufacturing, production of mouldings and mass-produced furniture for both the domestic and overseas markets.
(D) To undertake a thorough review of the operations of the Company's insurance assets, Tahan Insurance Malaysia Berhad, and to take any appropriate necessary step to ensure its future survival and growth.
(E) To revive the Laos Hydro Power Station Project.
(F) Subject to having necessary management and financial resources, seek further diversification into other areas where synergies can be achieved within the Group
Any developments in relation to the above will be announced in due course.
|This announcement is dated 18 Novemmber 2009.|