EMICO PLANS CAP­I­TAL RE­DUC­TION TO PARE LOSSES

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Emico Hold­ings Bhd pro­poses to un­der­take a par value re­duc­tion ex­er­cise to set off its ac­cu­mu­lated losses of RM74.47 mil­lion as at June 30, 2016 at the group level. In a fil­ing with the stock ex­change, the prop­erty de­vel­oper said it in­volves the can­cel­la­tion of 90 sen in par value from RM1 to 10 sen per share, which will give rise to a credit of about RM86.33 mil­lion. Emico said the im­ple­men­ta­tion of the cap­i­tal re­duc­tion will also pro­vide the com­pany with greater flex­i­bil­ity to im­ple­ment fu­ture cor­po­rate ex­er­cises and/or fund rais­ing cor­po­rate pro­pos­als.

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