Green Ocean proposes capital reduction

KUALA LUMPUR: Green Ocean Corp Bhd has proposed to undertake a 10-for-one share reduction and as a result a capital reduction of its issued share capital of up to RM92.5mil to offset the company’s accumulated losses.

In a filing with Bursa Malaysia, it said any balance would be credited into the company’s retained earnings and used as determined by the board in accordance with the ACE Market listing requirements of Bursa Malaysia.

“The proposed capital reduction will also enhance the company’s ability to provide a better financial platform for the group’s future growth moving forward,” it said.