Sarawak based Zecon Bhd has a proposed a wide-ranging corporate exercise which included a par value reduction of its shares, a bonus issue and a rights issue of up to RM136mil via the issuance of loan stocks.
The construction company announced on Monday it planned to cancel 90 sen from the par value of its shares to 10 sen.
The proposed par value reduction will result in a credit arising of RM146.94mil which will be utilised to set off the company’s and croup’s accumulated losses of RM50.53mil and RM80.42mil as at March 31, 2016.
It said Zecon share price was 63 sen, which was at a discount of 37% to the existing par value of RM1.
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The construction company announced on Monday it planned to cancel 90 sen from the par value of its shares to 10 sen.
The proposed par value reduction will result in a credit arising of RM146.94mil which will be utilised to set off the company’s and croup’s accumulated losses of RM50.53mil and RM80.42mil as at March 31, 2016.
It said Zecon share price was 63 sen, which was at a discount of 37% to the existing par value of RM1.
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