JMI ... Dec09

The Securities Commission (SC) had approved its proposed asset injection and rights issue exercises.
The proposed asset injection entails the acquisition of China-based Be Top Group Ltd and its subsidiary, Top Textile (Suzhou) Co Ltd, for a purchase consideration of RM393.2 million.

Meanwhile, the proposed rights issue will involve the issue of up to 307.08 million rights shares on the basis of 10 new rights shares, for every one JMI consolidated share held at an issue price of 20 sen per rights share.

The two proposals are still subject to JMI shareholders' approval at an extraordinary general meeting to be convened later.

JMI has also proposed to change its company name to, "Sinotop Holdings Bhd", to reflect the switch in the company's business.

With the SC's approval, they are now a step closer to transforming JMI into a China-based textile fabric manufacturer.