Ho Wah Genting proposes share reduction, rights issue

PETALING JAYA: Ho Wah Genting Bhd (HWGB) has proposed a reduction in its existing issued and paid-up share capital from 20 sen to five sen via the cancellation of 15 sen of the par value of each existing share.

Following this, the company is proposing a renounceable rights issue of up to 617.6 million new shares on the basis of one rights share for every one existing share, together with up to 494.08 million free detachable warrants on the basis of four warrants for every five rights shares subscribed on an entitlement date and at an issue price to be determined later.