AppAsia falls 2.94% on share capital reduction plan
KUALA LUMPUR (Oct 2): AppAsia Bhd shares fell 2.94% at mid-morning after the company said it is undertaking a share capital reduction of RM24 million with the aim of eliminating its accumulated losses, which amounted to RM23.98 million as at June 30.
At 10.22am, AppAsia fell 0.5 sen to 16.5 sen with 295,700 shares traded.
The exercise would reduce the company's share capital to a minimum of RM26.56 million — or RM47.53 million should all AppAsia warrants and options be exercised beforehand.
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