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Ayer Molek Rubber Co Bhd, The - 2313(AMOLEK)

Ayer Molek Rubber Co Bhd, The - 2313 (AMOLEK)

Ayer Molek Rubber Co Bhd, The lists under Main Market of Bursa Malaysia. It has been classified in the Plantations sector. The stock code uses in Bursa Malaysia is "2313" or identify by stock name of "AMOLEK". More information about Ayer Molek Rubber Co Bhd, The can be found in their website (www.amolek.com.my).

Stock quote also available at Bursa Malaysia, The Star.
 

The Ayer Molek Rubber Company Berhad was first incorporated as “THE AYER MOLEK RUBBER COMPANY LIMITED” under “The Companies Ordinance, 1889” on 4th October, 1909 in Singapore. Subsequently, the Company changed its domicile to Malaysia.

On 26th March, 1971 the Company changed its name to “THE AYER MOLEK RUBBER COMPANY BERHAD”

The Company was formed primarily to carry out the business of plantation. Initially, its plantation lands were largely located in the State of Malacca. As the Company expanded its business additional lands were acquired in the State of Johor, principally in the District of Segamat.

When rubber was one of the two pillars of the economy of the country the counter was a darling in the local Stock Exchange. Even as late as in the last few years prior to its suspension, the shares were hotly sought after.

In April, 2006 trading of the Company’s shares on Bursa Malaysia Securities Berhad was suspended following a winding up order being issued against the Company. However, the Kuala Lumpur High Court had on 8th August, 2008 granted the Company “PERMANENT STAY” of the winding up order issued against the Company earlier. However, trading of the Company’s share continues to be suspended as of to date.

In April 2006 and February 2007, the Company’s plantation lands with a total acreage of approximately 930 acres were disposed. Subsequently it was discovered that the disposal were illegally made without approval of shareholders. The current Board of Directors have caused caveats to be entered on the related lands, and commenced legal actions in the High Court in Malaya to set aside the disposal and transfer. The cases are now pending in the Court.

As a result of the illegal disposal and transfer of the Company’s plantation lands, the Company does not have any active business operation.

The present Board of Directors took control of the Company on 7 September, 2007 when the incumbent directors were unanimously removed by shareholders at the Extraordinary General Meeting. Since then the Board has been continuously looking for suitable assets to be acquired so that the business activities of the Company can be revived. Currently, one proposal is being examined.

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