Jul 1, 2011 NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING

General Announcement Reference No OS-110630-62904 Submitting Merchant Bank : PM SECURITIES SDN BHD Company Name : B.I.G. INDUSTRIES BERHAD Stock Name : BIG Date Announced : 01/07/2011   Type : Announcement Subject : NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING Description : B.I.G. INDUSTRIES BERHAD (“BIG” OR THE “COMPANY”) (I) PROPOSED CAPITAL REDUCTION; (II) PROPOSED RIGHTS ISSUE; AND (III) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”) Announcement Details/Table Section :

 

The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 8 December 2010 in relation to the Proposals.

 

We refer to our announcements dated 8 December 2010, 13 December 2010, 4 January 2011, 24 January 2011, 7 March 2011, 1 April 2011 and8 April 2011 on the above.

 

On behalf of the Board of BIG, PM Securities wishes to highlight that pursuant to the Main Market Listing Requirements of Bursa Securities, the necessary reserves, which include the retained earnings required for capitalisation of the Second-call of the Proposed Rights Issue must be unimpaired by losses on a consolidated basis based on the Company’s latest audited financial statements as well as its latest quarterly report.

 

Hence, in view the BIG Group recorded an accumulated losses of approximately RM550,000 based on its latest quarterly result as at 31 March 2011 which was announced on 26 May 2011 to Bursa Securities, the Board of BIG had on 1 July 2011 resolved not to proceed with the Proposals.

 

Notwithstanding the above, the Board of BIG will explore other viable options (if necessary and viable) to raise the relevant working capital for the business operations of the BIG Group.

 

This announcement is dated 1 July 2011.

 

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