Thursday, March 17, 2011

Faber to cancel 75c from each RM1 share, credit arising to offset losses

KUALA LUMPUR: FABER GROUP BHD [] has proposed to cancel 75 sen of the existing par value of its RM1 share in a move to reduce its accumulated losses.

The company said on Thursday, March 17 based on its paid-up share capital as at Dec 31, 2010 of RM363.0 million, the credit arising from the reduction of the par value would be about RM272.3 million.

'The proposed share premium reduction will involve the reduction of the entire balance of about RM116.0 million in the company's share premium account. The credit arising from the said reduction in share premium of the same amount will be used to set-off the accumulated losses of Faber Group,' it said.

Its unaudited accumulated losses as at Dec 31, 2010 totalled RM422.1 million, which had declined from the audited losses of RM450.60 million as at Dec 31, 2009.

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