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  General Announcement for PLC Reference GA1-31052018-00006
Date Announced : 31 May 2018
Type : Announcement
Subject : OTHERS
Description : Proposed Capital Reduction and Repayment by Group Steel Corporation (M) Sdn. Bhd., a wholly owned subsidiary of CSC Steel Holdings Berhad

The Board of Directors of CSC Steel Holdings Berhad (“CHB” or “Company”) wish to announce that Group Steel Corporation (M) Sdn. Bhd. (“GSCM”), a wholly owned subsidiary of the Company, proposed to undertake a proposed capital reduction and repayment to reduce GSCM’s existing issued share capital from RM140,000,000 divided into 140,000,000 ordinary shares to RM1,000,000 divided into 1,000,000 ordinary shares by cancellation of 139,000,000 ordinary shares and that credit amount of RM139,000,000 arising therefrom, being share capital which is excess of the needs of GSCM, be distributed to CHB pursuant to Section 116 of the Companies Act, 2016 (“Proposed Capital Repayment”).

GSCM was incorporated in Malaysia on 19 December 1994 as a private limited company under the Companies Act, 1965 with an issued and paid up share capital of RM140,000,000 comprising of 140,000,000 ordinary shares. GSCM is currently a dormant company and has ceased its  business operation since January 2009.

Reduction of Share Capital of GSCM:-

  Before After
Issued Share Capital (RM) 140,000,000 1,000,000

The transaction will not have any effect on the issued and paid-up share capital of CHB and its substantial shareholders' shareholdings in CHB, and is not expected to have any material impact on the net  tangible assets or earnings per share of CHB for the financial year ending 31 December 2018.

In addition, none of the Directors and Substantial Shareholders or persons connected with the Directors or Substantial Shareholders of  CHB has any interest, direct or indirect in the aforesaid transaction.

This announcement is dated 31 May 2018.

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