HANDAL RESOURCES BERHAD (“HANDAL” OR THE “COMPANY”) (I) PROPOSED RIGHTS ISSUE; (II) PROPOSED BONUS ISSUE; (III) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND (IV) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

HANDAL RESOURCES BERHAD

TypeAnnouncement
SubjectHANDAL RESOURCES BERHAD (“HANDAL” OR THE “COMPANY”)

(I) PROPOSED RIGHTS ISSUE;

(II) PROPOSED BONUS ISSUE;

(III) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND

(IV) PROPOSED AMENDMENTS

(COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
ContentsWe refer to the announcements dated 21 September 2010 and 23 December 2010 in relation to the Proposals.

On behalf of the Board of Directors of Handal (“Board”), OSK Investment Bank Berhad (“OSK”) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had vide its letter dated 26 January 2011 (“Approval Letter”) approved the Proposed Rights Issue and Proposed Bonus Issue.
The approval by Bursa Securities for the Proposed Rights Issue is subject to the following conditions:-

(i) Handal and OSK must fully comply with the relevant provisions under the Main Market Listing Requirements of Bursa Securities (“LR”) pertaining to the implementation of the Proposed Rights Issue;

(ii) Handal and OSK are to inform Bursa Securities upon the completion of the Proposed Rights Issue;

(iii) Handal to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of the Approval Letter once the Proposed Rights Issue is completed; and

(iv) Payment of additional, initial and annual listing fees. In this respect, Handal is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter together with a detailed computation of listing fees payable.

Handal is also required to ensure full compliance of all the requirements pertaining to the Proposed Rights Issue as provided under the LR at all times.

The approval granted by Bursa Securities for the listing and quotation of 10,000,000 new ordinary shares to be issued pursuant to the Proposed Bonus Issue is subject to the following conditions:-

(i) Handal and OSK must fully comply with the relevant provisions under the LR pertaining to the implementation of the Proposed Bonus Issue;

(ii) Handal and OSK to inform Bursa Securities upon completion of the Proposed Bonus Issue;

(iii) Handal to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of the Approval Letter once the Proposed Bonus Issue is completed;

(iv) Handal and OSK are required to make the relevant announcements pursuant to Paragraphs 6.35(2)(a) & (b), 6.35(3) and 6.35(5) of the LR; and

(v) Inform Bursa Malaysia Depository Sdn Bhd ("Bursa Depository") on the actual number of Bonus Shares to be issued and the latest issued and paid-up share capital of Handal (after the Bonus Shares) when submitting the allotment information to Bursa Depository for the crediting of the new Bonus Shares.

This announcement is dated 26 January 2011.





Announcement Info

Company NameHANDAL RESOURCES BERHAD  
Stock Name HANDAL    
Date Announced26 Jan 2011  
CategoryGeneral Announcement
Reference NoOI-110126-61095