TALAM ... Aug09

TALAM CORP, which completed its financial regularisation plan, hopes to emerge from the Practice Note 17 status soon. ED - CHUA KIM LAN said on Jul 23, 2009 that all financial instruments, which were part of its regularisation plan, had been issued. " .... We will now submit the application to BURSA MALAYSIA for the uplifting the PN17 status this week (last week of Jul 2009). From the feedback we have from our meeting with BURSA's representative, we are quite confident it will be successful ...." she told reporters after the shareholders meeting on Jul 22, 2009.

ISSUE OF RCPS
In connection with the restructuring, the Company issued Redeeemable Convertible Preference Shares 2009/2014. The additional 60.13m new shares arising from the conversion of the Preference Shares were listed on Jul 23, 2009.

CHUA also said that there were other divestment plans to pare down the Company borrowings, such as disposal of PROPERTIES and land are ongoing.

LAND DISPOSAL
TALAM is looking to dispose more than 3,000 acres of land, from its current total land bank of around 7,000 acres. The majority land to be disposed will be from the Company's Bandar Bukit Beruntung developement. " .... After the completion of asset and land disposals, the Company will have almost no gearing, and we can start anew ...." CHUA said.

RM0.7 BIL IN BORROWINGS
TALAM has around RM700m in total borrowings, including outstanding ICULS of more than RM300m. CHUA said TALAM will now focus on completing its outstanding projects, and aims to achieve at least 95% completion rate by the end of 2009.

She added that there will be no new property launches by TALAM in 2009, but will start some of the joint venture projects such as Sierra Ukay, Sierra Selayang and Ukay Perdana in 2010. These projects have a combined estimated sales value of more than RM1.4 bil.

Related:-
Talam ... July 09