DGB Asia's share price falls 50pct on share consolidation, private placement plans

NST Tue, Jun 27, 2023 11:02am - 12 months View Original

KUALA LUMPUR: DGB Asia Bhd's share price fell as much as 50 per cent in early trade today to hit half a sen, after it announced a proposed share consolidation, and private placement to raise working capital.

DGB's, which is in hospitality management, courier services & smart vending machine businesses, share price rebounded to trade at one sen with some 23.8 million shares changing hands. It was the 5th most actively traded stock on the stock exchange as at 10.30am.

In a filing with Bursa Malaysia yesterday, the company said it is proposing to consolidaate 10 shares to one, and have a private placement of shares thereafter, to raisemonies for working capital of its premium boutique hotel in Taipei, Taiwan.

DGB's Kimpton Da An Hotel, which it owns via an 87.20 per cent-owned subsidiary, CLI Investment Limited, is a 14-storey hotel building comprising 129 hotel rooms with a five-storey basement carpark.

The Kimpton Da An Hotel commenced business operations in March 2019 following the completion of its construction and renovation works.

The hotel is currently managed by InterContinental Hotels Group (Asia Pacific) Pte Ltd, a third-party international hotel operator under the "KIMPTON" brand.

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