Priceworth on capital reduction mode

PETALING JAYA: Priceworth International Bhd plans to undertake a capital reduction of RM210mil of its issued shares, which is lost and unrepresented by available assets.

In a filing with Bursa Malaysia, the company, which is involved in the timber and wood businesses, said the money would be utilised to set off its accumulated losses.

As at Dec 31, 2022, the company had accumulated losses of about RM441.43mil, while including its subsidiary accumulated losses totalled RM202.6mil.