Tuesday, 13 March 2012

AsiaEP Resources major shareholder calls for EGM

KUALA LUMPUR (March 13) : asiaEP Resources Bhd’s major shareholder Tian Ee Intertrade Sdn Bhd has made a requisition for an EGM following the company’s decision to terminate its planned private placement, the firm said in statement to Bursa Malaysia on Tuesday.

asiaEP had planned to undertake a private placement of 90 million new shares to raise RM9 million. The money is intended to finance the CONSTRUCTION [] of bioethanol processing plants in conjunction with letter of award which was entered into between the company and Lestari Pasifik Bhd on Oct 5 last year.

But the deal was called off in February this year, resulting in the termination of the proposed private placement. Trading of asiaEP shares was suspended between 9am and 10 am on Tuesday.

The stock closed at 8.5 sen on Monday.

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