PETALING JAYA: Sarawak-based Zecon Bhd has withdrawn its proposal to carry out a selective capital repayment (SCR) exercise that would have paved the way for its privatisation.
Zecon told Bursa Malaysia yesterday that they could not get the approval of the non-interested shareholders for the proposed SCR under Practice Note 44 of the Malaysian Code on Take-Overs and Mergers, 2010.
The company added that it had resolved to withdraw the proposal, subject to the Securities Commission’s (SC) consent.
“An application to the SC for its consent for the withdrawal of the proposed SCR in accordance with the code will …
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