Tuesday, November 22, 2011

Triplc tumble after removal from PN17

KUALA LUMPUR (Nov 22): Shares of Triplc tumbled on Tuesday when the settlement shares and consolidated shares started trading after the company was removed from the Practice Note 17 status.

At 11.20am, Triplc was down 30 sen to 70 sen with 63,300 shares done. The shares sold could have been those issued to settle the debts owed by the group.

The FBM KLCI was up 1.04 points to 1,435.12. Turnover was 562.05 million shares valued at RM358.04 million. There were 199 gainers, 327 losers and 241 stocks unchanged.

A Bursa Malaysia said Triplc was uplifted from the Practice Note 17 classification on Tuesday after it had regularised its financial condition.

Under the corporate exercise, there was the listing and quotation of 6.367 million settlement shares issued pursuant to the capitalisation of RM6.36 million or 25% of the RM25.47 million in debts owing by the group to certain substantial shareholders and creditors and the waiver of the remaining 75% of such debts amounting to RM19 million.

Also quoted were 64.02 million shares of RM1 each issued under the consolidation of every 100 shares of 43 sen each into 43 shares subsequent to the reduction of the paid-up b cancelling 57 sen of the par value of each of the 148.88 million shares in issue after the capitalisation.

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