KIG Glass declares financial problems

Malaysia“s KIG Glass Industrial Bhd has declared itself an “affected issuer” under PN17, a classification for companies in financial difficulties.
The move follows the shutdown of its main plants in…

Malaysia“s KIG Glass Industrial Bhd has declared itself an “affected issuer” under PN17, a classification for companies in financial difficulties. The move follows the shutdown of its main plants in May 2005. In a statement to the stock exchange, the company said: “KIG Glass has effectively ceased its core business and operations. As such, KIG Glass is an affected listed issuer under PN17.” KIG said it is planning a capital restructuring and has entered into a firm letter of intent with an investor, Neu Investment Holdings Ltd, to deal with its financial predicament. Separately, it emerged on 12 November 2005 that KIG was fined MYR 8,750 by Bursa Malaysia Securities Bhd for failing to submit its quarterly reports within two months of the end of the quarter period.