KUALA LUMPUR: AWC Bhd has proposed a 40% share capital reduction by cancelling 20 sen out of the current par value of 50 sen for every share and reduce it to 30 sen in a move to reduce its accumulated losses.
AWC said on Monday, Oct 4 the proposed capital reduction will enable the company and the group to rationalise its balance sheet and consolidated balance sheet respectively, by substantially reducing the accumulated losses.
The total issued and paid-up share capital of AWC as at June 30, 2009 is RM114.34 million comprising of 228.68 million shares.
The audited accumulated losses of AWC and the audited consolidated accumulated losses of AWC and its subsidiaries for the financial year ended June 30, 2009 were about RM45.76 million and RM63.20 million respectively.
'The proposed capital reduction will give rise to a credit of approximately RM45.74 million which will be utilised to partially set-off against the company's audited accumulated losses as at June 30, 2009,' it said.
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AWC said on Monday, Oct 4 the proposed capital reduction will enable the company and the group to rationalise its balance sheet and consolidated balance sheet respectively, by substantially reducing the accumulated losses.
The total issued and paid-up share capital of AWC as at June 30, 2009 is RM114.34 million comprising of 228.68 million shares.
The audited accumulated losses of AWC and the audited consolidated accumulated losses of AWC and its subsidiaries for the financial year ended June 30, 2009 were about RM45.76 million and RM63.20 million respectively.
'The proposed capital reduction will give rise to a credit of approximately RM45.74 million which will be utilised to partially set-off against the company's audited accumulated losses as at June 30, 2009,' it said.
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