KUALA LUMPUR: ABRIC BHD [] has proposed to reduce its issued and paid-up share capital by cancelling 70 sen from the existing par value of every share of RM1 each in Abric.
The company said on Monday, Aug 9 the cancelling would reduce RM17.09 million from the share premium account of Abric pursuant to Section 64 of the Companies Act, 1965 to be off-set against the accumulated losses of Abric.
Abric also proposed a renounceable rights issue of up to 50.36 million five-year warrant 2010/2015 on the basis of one warrant for every two ordinary shares of 30 sen each in Abric held after the proposed capital reduction at an issue price of three sen per warrant.
The company said on Monday, Aug 9 the cancelling would reduce RM17.09 million from the share premium account of Abric pursuant to Section 64 of the Companies Act, 1965 to be off-set against the accumulated losses of Abric.
Abric also proposed a renounceable rights issue of up to 50.36 million five-year warrant 2010/2015 on the basis of one warrant for every two ordinary shares of 30 sen each in Abric held after the proposed capital reduction at an issue price of three sen per warrant.
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