Premier Nalfin to send new plan to SC by June

> Major changes to revamp scheme related to reverse takeover by Emrail

KUALA LUMPUR: Premier Nalfin Bhd, a Practice Note 16 (PN16) company, will submit a revised revamp plan to the Securities Commission by the end of June in relation to a reverse takeover by Emrail Sdn Bhd.

Speaking to reporters after the company’s AGM here yesterday, chairman Tan Sri K.R. Somasundram said he is still optimistic that the restructuring plan will obtain the green light from the regulator.

“We’re working hard to come out with the plan before June,” he said, noting that the reverse takeover is slated for completion by the end of the year. Premier Nalfin is required to submit its revised restructuring plan by July 31.

Last week, Premier Nalfin withdrew its proposed restructuring scheme which was submitted on Jan 15 due to a potential emergence of a new substantial shareholder in Emrail. This will result in material changes to the existing structure of the restructuring scheme.

Somasundram said the new investor, whose identity can’t be revealed, is expected to take up a 10% to 15% stake in Emrail.

“They’ve not finalised the agreement, it is not for me to tell,” he said.

Emrail is involved in railway engineering, systems and signalling for railways, civil works related to railways and maintenance and engineering works.

Worth noting is that Premier Nalfin’s initial restructuring plan was also to involve an injection of RM2.42 billion Kinrara-Damansara Expressway (Kidex) into Premier Nalfin apart from Emrail’s existing assets.

Emrail holds a 70% stake in Kidex Sdn Bhd, which is the concessionaire of Kidex. The proposed highway was axed due to the failure to comply with three conditions within the stipulated time frame.

Premier Nalfin is now an investment holding company after having disposed its entire stake in three downstream oil palm companies in 2011 for RM117.95 million.