Technology Resources Industries (TRI) said today it got approval from Malaysia's Securities Commission to amend a complex restructuring scheme, putting an end to a deadlock over the listing of its new shares.

In a statement, TRI said the commission has approved its application to delink a one-for-one rights issue from the company's internal restructuring.

"Technology Resources Industries is pleased to announce that the Securities Commission has approved its application to allow for the rights issue to be no longer conditional to the internal restructuring.

"With this, there is then no element of doubt that the rights issue has been approved by shareholders for implementation," it said.

TRI was to have listed 473.834 million new shares arising from a restricted offer on Wednesday last week but the Kuala Lumpur Stock Exchange (KLSE) deferred trading at the 11th hour although it approved the listing two days earlier.

The restricted issue, along with the rights issue, are integral to plans to raise RM1.9 billion to redeem its euro convertible bonds and a loan commitment by April.

The new restricted shares, valued at 887 million ringgit, were to have been sold largely to foreign institutional investors as part of a scheme to restructure debts of RM3.8 billion.

'Not responsible act'

KLSE chairman Mohamad Azlan Hashim earlier today told reporters the pricing of the TRI restricted shares were based on the basis that the rights issue would be implemented.

But had this failed to materialise after the restricted shares were listed, it would have been detrimental to existing shareholders as the restricted shares were placed at a discount of 32-38 percent, he said.

"To allow the listing of the restricted shares would not have been a very responsible act by the KLSE and would be detrimental to shareholders of TRI and the investing public," he said.

Investors should be comforted that regulators were "serious about protecting shareholders' rights," he added.

The government has called for a speedy resolution to the dispute, which has rattled the stock market which fell by another 1.3 percent today.

TRI, which controls Malaysia's second-largest cellular phone operator Celcom, is headed by Tajudin Ramli who is under police investigation for alleged management irregularities at Malaysia Airlines where he was formerly key shareholder and chairman.

Tajudin and Deutsche Telekom are major shareholders of TRI. (AFP)