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Friday, November 16, 2007

Talam expects to send plan details to SC by end-Nov

TALAM Corp Bhd expects to submit supplementary details on its proposed regularisation plan appeal to the Securities Commission (SC) by the end of the month.

Talam executive director Chua Kim Lan said the company is meeting with bondholders to secure their approval for the proposed regularisation plan.

"The detailed framework has been given, it's just that we have to give official details for forecasts which we drew up under the framework," she told reporters after the company's shareholders meeting yesterday.

Chua said a majority of the bondholders have agreed to the conditions and company officials will meet with the remaining two bondholders by end of the month. Talam needs at least 75 per cent of the bondholders' to agree to the arrangement.

Meanwhile, Chua said all of the company's stalled projects are in various stages of completion. She said the few projects previously not taken over by IJM Corp Bhd are being finalised to be awarded to them to be completed.

IJM will develop all of Talam's stalled projects.

The fact that some of the stalled projects were not being continued by IJM had been one of the concerns highlighted by the SC.

Chua said the RM90 million adjustment required by the SC was an accounting entry adjustment, which did not have any material effect on the company's balance sheet.

The SC had directed Talam on October 3 2007 to rectify and reissue its financial statement for the year ended January 31 2006 by restating the debtors and reversing the corresponding amounts from property development cost of about RM56.8 million, other liabilities of about RM23.2 million and opening retaining profits of RM9.9 million.

Shareholders yesterday approved Talam's reissued financial statements for the financial years 2006 and 2007.

By New Straits Times (By Presenna Nambiar)

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