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FOR IMMEDIATE RELEASE
KarenSoft Announces One for Two Bonus Issue
Georgetown, Penang - 7th April 2004 - The Board of Directors of KarenSoft Technology Berhad has today proposed a bonus issue of up to
41,326,175 new ordinary shares of RM0.10 each on the basis of 1:2 (1 new share for every 2 existing shares held).
This proposal will enable KarenSoft to restructure its share capital in line with capital employed in the business. KarenSoft will seek approval for the
proposed bonus issue of shares at the upcoming Extraordinary General Meeting.
KarenSoft's Executive Chairman and Chief Executive Officer, Mr Chee Chong Hwa, said, "The Board has endorsed this one for two bonus issue
because we are delighted to be able to reward our loyal shareholders with greater equity participation."
He also added that the increased liquidity after the bonus issue exercise would also allow new shareholders to participate in the company. The bonus
exercise will see KarenSoft's enlarged, issued and paid up capital rise up to RM12.4 million from an existing level of RM6.82 million.
"This new figure is more reflective of the current scale of the KarenSoft's operations. A circular on this proposed bonus issue will be sent to
shareholders before the EGM," said Chee.
At the same time, Chee also announced that KarenSoft will be implementing a private placement up to 7,513,850 of new ordinary shares of RM0.10
each representing approximately 10% of the issued and paid-up share capital of KTB.
"This private placement is very timely for KarenSoft. It will give us the added cost effective funding for our working capital requirements to make key
investments for new and developing business opportunities and to enhance our sales and marketing efforts as we continue to execute our growth
strategy regionally," Chee said.
Founded in 1991 and headquartered in Prai, KarenSoft, with branches across Malaysia, provides world-class ERP2 (Extended Enterprise Resources
Planning) software to the manufacturing and services sector under the KarenSoft brand.
For more information, please contact Mr Chee Chong Hwa (KarenSoft's Executive Chairman/Chief Executive Officer) at 012 489 0605 or
email: ch.chee@karensoft.com.my
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