Globaltec plans share consolidation

PETALING JAYA: Globaltec Formation Bhd is proposing to undertake the consolidation of every 20 existing ordinary shares in Globaltec into one ordinary share in Globaltec held on an entitlement date to be determined later.

It is also proposing to issue of up to 67.27 million free warrants in Globaltec on the basis of one warrant for every four consolidated shares held on the entitlement date.

As of Sept 4, Globaltec’s issued share capital was RM538,173,791 comprising 5.38 billion Globaltec shares.

Upon completion of the proposed share consolidation, Globaltec’s resultant issued share capital will be RM538,173,791 comprising approximately 269,086,895 consolidated shares.

As of Globaltec’s last price of 4.5 sen, following the consolidation, it will become a 90 sen share.

No suspension will be imposed on the trading of Globaltec shares on the Main Market of Bursa Malaysia for the purpose of implementing the proposed share consolidation.

The consolidated shares shall be listed and quoted on the market on the next market day following the entitlement date.

Meanwhile, the proposed free warrants entails the issuance of up to 67.27 million warrants on the basis of one warrant for every four consolidated shares.

Based on Globaltec’s expected resultant issued share capital upon completion of the proposed share consolidation of RM538,173,791 comprising 269,086,895 consolidated shares, the proposed free warrants issue entails the issuance of 67.27 million warrants.

The number of warrants to be issued will depend on the total number of consolidated shares upon completion of the proposed share consolidation.

The warrants will be issued at no cost to the entitled shareholders.

The proposed free warrants ussue will not raise any funds upon its issuance as it is issued at no cost to the entitled shareholders.