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Rights Issue with Warrants (Amended Announcements)

Thursday, October 21st, 2021

On behalf of the Company, M&A Securities is pleased to announce that at the close of acceptance, excess application and payment for the Rights Issue with Warrants as at 5.00 p.m. on 14 October 2021 (“Closing Date”), the Company received valid acceptances and excess applications for a total of 293,131,563 Rights Shares. This represents a subscription level of 129.49% of the total 226,369,915 Rights Shares available under the Rights Issue with Warrants.

Details of valid acceptances and excess applications received as at the Closing Date are as follows:

 No. of Rights Shares% of total issue size
Total valid acceptances205,741,00090.89
Total valid excess applications87,390,56338.60
Total valid acceptances and excess applications293,131,563129.49
Total Rights Shares available for subscription226,369,915100.00
Total oversubscription66,761,64829.49
As the acceptances and excess application received exceeded the issue size of 226,369,915 Rights Shares, the issue size of the Rights Issue with Warrants shall be based on the issue size of 226,369,915 Rights Shares and 226,369,915 Warrants. 

The Excess Rights Shares have been allocated in accordance with the basis stated in the Abridged Prospectus dated 29 September 2021. 

The Rights Shares and Warrants are expected to be listed on the Main Market of Bursa Malaysia Securities Berhad on 27 October 2021. 

This announcement is dated 21 October 2021.

Rights Issue with Warrants

Thursday, October 21st, 2021

On behalf of the Company, M&A Securities is pleased to announce that at the close of acceptance, excess application and payment for the Rights Issue with Warrants as at 5.00 p.m. on 14 October 2021 (“Closing Date”), the Company received valid acceptances and excess applications for a total of 293,131,563 Rights Shares. This represents a subscription level of 129.49% of the total 226,369,915 Rights Shares available under the Rights Issue with Warrants.

Details of valid acceptances and excess applications received as at the Closing Date are as follows:

 No. of Rights Shares
Total valid acceptances205,741,00090.89
Total valid excess applications87,390,56338.60
Total valid acceptances and excess applications293,131,563129.49
Total Rights Shares available for subscription226,369,915100.0
Total oversubscription66,761,64829.49

As the acceptances and excess application received exceeded the issue size of 226,369,915 Rights Shares, the issue size of the Rights Issue with Warrants shall be based on the issue size of 226,369,915 Rights Shares and 226,369,915 Warrants.

The Excess Rights Shares have been allocated in accordance with the basis stated in the Abridged Prospectus dated 29 September 2021.

The Rights Shares and Warrants are expected to be listed on the ACE Market of Bursa Malaysia Securities Berhad on 27 October 2021.

This announcement is dated 21 October 2021.

Prospectus

Wednesday, September 29th, 2021
MasteelProspectus

[TheEdge] Masteel swings to profit in 2Q on higher sales volume, steel bar prices

Tuesday, September 28th, 2021

By Justin Lim

KUALA LUMPUR (Sept 28): Malaysia Steel Works (KL) Bhd (Masteel) has swung to a second-quarter profit on the back of higher sales volume and selling prices of steel bars.

It reported a net profit of RM9.39 million or earnings per share of 2.07 sen for the quarter ended June 30, 2021 (2QFY21), compared with a net loss of RM22.53 million or loss per share of 5.11 sen in the same period last year.

Quarterly revenue jumped 80.52% year-on-year to RM353.14 million from RM195.63 million.

For the six months to June, Masteel posted a net profit of RM17.78 million, compared with a net loss of RM26.7 million in the same period last year. Six-month revenue rose 33.65% to RM792.87 million from RM593.27 million.

“We could have reported an even stronger 2Q if not for the implementation of Full Movement Control Order (FMCO) in June. The improved performance was supported by the efficiency of our operations in adapting to the Covid-19 pandemic situation in Malaysia,” said Masteel managing director and chief executive officer Datuk Tai Hean Leng.

“Additionally, our strategic location in the Klang Valley near to key construction activities, along with our large capacity and reliable delivery, places us favourably in capturing the uptake in steel bar demand,” he added.

Tai said the group is heartened that lockdown restrictions have eased since this month under the National Recovery Plan, allowing the group to resume optimal production rate.

He said with the FMCO lifted, the group is now seeing steel bar orders from the construction sector resume.

“We expect steel bar demand to pose a gradual recovery to pre-FMCO levels from the second half of 2021 (2H21), supported by fulfilment of ongoing construction jobs, as well as major infrastructure projects to be rolled out.

“We will also continue to export our steel products to the regional markets where demand remains firm. Against this backdrop, we are confident of delivering resilient 2H21 performance,” he added.

Masteel’s share price closed 1.5 sen or 3.49% lower at 41.5 sen, for a market capitalisation of RM282 million.

Edited by S Kanagaraju

Press Release

Tuesday, September 28th, 2021
Masteel-2Q21-Press-Release

2Q21 Financial Results

Tuesday, September 28th, 2021
Masteel-2Q-2021

GENERAL MEETINGS: Outcome of Meeting

Thursday, September 23rd, 2021
Type of MeetingGeneral
IndicatorOutcome of Meeting
Date of Meeting23 Sep 2021
Time02:00 PM
Venue(s)Broadcast Venue: 
Masteel Meeting Room, Unit B-05-3A, 5th Floor, Block B (West Wing)
PJ8 Office Suite, No. 23, Jalan Barat 
Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan 
Malaysia
Outcome of MeetingThe Board of Directors of Malaysia Steel Works (KL) Bhd (“the Company”) is pleased to announce that all the resolutions set out in the Notice of Postponement of the Forty-Ninth Annual General Meeting (“Postponed 49th AGM”) of the Company dated 25 August 2021 were duly passed by the shareholders at the Postponed 49th AGM of the Company held earlier today. All the resolutions were voted on by poll and the results of the poll were validated by Commercial Quest Sdn. Bhd., the Independent Scrutineer appointed by the Company. Details of the poll results are set out below. This announcement is dated 23 September 2021.
Voting Results
1. Ordinary Resolution 1 
DescriptionTo approve the Directors’ fees up to an aggregate amount of RM168,000.00 for the financial year ending 31 December 2021 and benefit payable to the Directors up to an aggregate amount of RM400,600.00 from 23 September 2021 until the next AGM of the Company and the payment thereof.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders19156
No. of Shares168,251,806117,514
% of Voted Shares99.93020.0698
ResultAccepted
2. Ordinary Resolution 2 
DescriptionTo re-elect Dato’ Sri Tai Hean Leng @ Tek Hean Leng who is retiring pursuant to Clause 96 of the Constitution of the Company.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21634
No. of Shares169,283,08352,636
% of Voted Shares99.96890.0311
ResultAccepted
3. Ordinary Resolution 3 
DescriptionTo re-elect Mr Roy Thean Chong Yew who is retiring pursuant to Clause 96 of the Constitution of the Company.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21734
No. of Shares169,283,08452,636
% of Voted Shares99.96890.0311
ResultAccepted
4. Ordinary Resolution 4
DescriptionTo re-elect Ms Ng Siew Peng who is retiring pursuant to Clause 96 of the Constitution of the Company.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21534
No. of Shares169,282,71252,636
% of Voted Shares99.96890.0311
ResultAccepted
5. Ordinary Resolution 5 
DescriptionTo re-appoint Messrs RSM Malaysia as Auditors of the Company and to authorise the Directors to fix their remuneration.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders22923
No. of Shares169,326,14619,158
% of Voted Shares99.98870.0113
ResultAccepted
6. Ordinary Resolution 6 
DescriptionProposed continuation in office of Dato’ Ikhwan Salim Bin Dato’ Haji Sujak as Independent Non-Executive Director.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21238
No. of Shares169,271,47864,142
% of Voted Shares99.96210.0379
ResultAccepted
7. Ordinary Resolution 7 
DescriptionProposed continuation in office of Mr Ng Wah Lok as Senior Independent Non-Executive Director.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21437
No. of Shares169,271,57964,141
% of Voted Shares99.96210.0379
ResultAccepted
8. Ordinary Resolution 8
DescriptionProposed continuation in office of Encik Muhammad Hanizam Bin Hj, Borhan as Independent Non-Executive Director.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21239
No. of Shares169,271,47764,243
% of Voted Shares99.96210.0379
ResultAccepted
9. Ordinary Resolution 9 
DescriptionProposed Renewal of Authority for the Company to Purchase its own Ordinary Shares.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders22427
No. of Shares169,277,34766,957
% of Voted Shares99.96050.0395
ResultAccepted
10. Ordinary Resolution 10
DescriptionProposed Renewal of Authority under Sections 75 and 76 of the Act and the Constitution of the Company for the Directors to allot and issue shares.
Shareholder’s ActionFor Voting
VotedForAgainst
No. of Shareholders21734
No. of Shares169,255,65780,063
% of Voted Shares99.95270.0473
ResultAccepted

GENERAL MEETINGS: Notice of Meeting (Amended Announcement)

Wednesday, September 15th, 2021
Masteel-Notification-to-Shareholders-Change-of-Broadcast-Venue

Notice of Rights Entitlement

Tuesday, September 14th, 2021

RENOUNCEABLE RIGHTS ISSUE OF 226,369,915 NEW ORDINARY SHARES IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR THE “COMPANY”) (“RIGHTS SHARES”) TOGETHER WITH 226,369,915 FREE DETACHABLE WARRANTS (“WARRANT(S)”) ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 2 EXISTING ORDINARY SHARES HELD IN MASTEEL TOGETHER WITH 1 WARRANT FOR EVERY 1 RIGHTS SHARE SUBSCRIBED FOR, AT 5.00 P.M. ON 29 SEPTEMBER 2021 AT AN ISSUE PRICE OF RM0.395 PER RIGHTS SHARE ON A FULL SUBSCRIPTION BASIS (“RIGHTS ISSUE WITH WARRANTS”)
 

Kindly be advised of the following :

1)    The Right commence of trading : 30 Sep 2021
2)    The Date of Despatch of the Prospectus and Provisional Allotment Letter of Offer : 01 Oct 2021
3)    The last day and time for Acceptance, Renunciation and Payment : 14 Oct 2021
4)    The Rights cessation quotation : 07 Oct 2021

The Stock Short Name, Number and ISIN Code MASTEEL-OR5098OR and MYL5098OR001

Remarks:-   The last date and time for acceptance, excess application and payment is 14 October 2021 at 5:00 p.m..

Notice of Rights Entitlement (Ratio)

Tuesday, September 14th, 2021

RENOUNCEABLE RIGHTS ISSUE OF 226,369,915 NEW ORDINARY SHARES IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR THE “COMPANY”) (“RIGHTS SHARES”) TOGETHER WITH 226,369,915 FREE DETACHABLE WARRANTS (“WARRANT(S)”) ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 2 EXISTING ORDINARY SHARES HELD IN MASTEEL TOGETHER WITH 1 WARRANT FOR EVERY 1 RIGHTS SHARE SUBSCRIBED FOR, AT 5.00 P.M. ON 29 SEPTEMBER 2021 AT AN ISSUE PRICE OF RM0.395 PER RIGHTS SHARE ON A FULL SUBSCRIPTION BASIS (“RIGHTS ISSUE WITH WARRANTS”)
 

Kindly be advised of the following :

1)    The above Company’s securities will be traded and quoted “Ex-Rights Issue” as from: 28 Sep 2021
2)    The last date of lodgment : 29 Sep 2021
3)    Retention Money: Where securities are not delivered in time for registration by the seller, then the brokers concerned:-
       a)    Selling Broker to deduct<1/3>, of Selling Price against the Selling Client
       b)    Buying Broker to deduct <10%>, of Purchase Price against the Buying Client
       c)    Between Broker and Broker, the deduction of <1/3>, of the Transacted Price is applicable.

Remarks:–  This Abridged Prospectus, together with the notice of provisional allotment and rights subscription forms pursuant to the Rights Issue with Warrants (collectively, the “Documents”) will only be despatched to the entitled shareholders whose names appear in Company’s record of depositors and who have a registered address in Malaysia or who have provided the Company’s share registrar, Securities Services (Holdings) Sdn Bhd (“Share Registrar”), with a registered address in Malaysia in writing (“Entitled Shareholder(s)”) not later than 5.00 p.m. on 29 September 2021.

The Documents are not intended to (and will not be made to) comply with the laws of any country or jurisdiction other than Malaysia, and are not intended to be (and will not be) issued, circulated or distributed in countries or jurisdictions other than Malaysia and no action has been or will be taken to ensure that the Rights Issue with Warrants complies with the laws of any countries or jurisdictions other than the laws of Malaysia.

The Documents will not be sent to the foreign Entitled Shareholder(s) and/or their renouncee(s) and/or transferee(s) (if applicable) who do not have a registered address in Malaysia. However, such foreign Entitled Shareholder(s) and/or their renouncee(s) and/or transferee(s) (if applicable) may collect the Documents from the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd, in which event the Company’s Share Registrar shall be entitled to request for such evidence as it deems necessary to satisfy itself as to the identity and authority of the person collecting the aforesaid documents.

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