KUALA LUMPUR: Permaju Industries Bhd
has proposed a capital reduction of up to RM258 million via the cancellation of its issued share capital "which is lost and unrepresented by available assets” .
The company said the RM258 million credit from the cancellation will offset its accumulated losses.
It told the stock exchange that any remaining balance will be credited to the company’s retained earnings and used as deemed fit by its board.
As of Dec 10, 2024, Permaju Industries reported an issued share capital of RM446.51 million comprising 1.96 billion ordinary shares, 739.33 million irredeemable convertible preference shares (ICPS), and 93.54 million outstanding warrants.
"As of the latest practicable date, the company does not hold any treasury shares, and there are no outstanding employee’s share options (ESOS Options) that have been granted but are yet to be exercised.
"The company also does not intend to grant any ESOS options prior to the completion of the proposed share capital reduction,” it stated.
The company said the reduction would allow it to offset accumulated losses, better reflecting the value of its underlying assets and financial position. Furthermore, this move is expected to enhance the credibility of the company among bankers, customers, suppliers, investors, and other stakeholders. - Bernama
