Asdion plans to reduce losses

TheStar Wed, Jul 10, 2019 09:05am - 4 years View Original


PETALING JAYA: Asdion Bhd is proposing to undertake a capital reduction exercise to remove RM30.76mil of its issued share capital to eliminate the company’s accumulated losses.

In a filing with Bursa Malaysia yesterday, the ACE Market-listed company said the credit of RM30.76mil arising from the proposed share capital reduction would be used to reduce/eliminate its accumulated losses.

“The surplus after such elimination, if any, would be utilised to set off any future losses or for other purposes as the board deems fit and as permitted by the relevant and applicable laws and the constitution of the company. The proposed share capital reduction would enable the company to rationalise its statement of financial position by reducing/eliminating its accumulated losses, which may enhance the company’s creditability with bankers, customers, suppliers and investors,” it said.

Asdion, which has been making losses since 2009, added that the proposed share capital reduction would not have any material effect on its earnings and earnings per share and its subsidiaries for the financial year ending March 31, 2020. Its accumulated losses, which stood at RM31.61mil as of March 31, will be reduced to RM964,184.

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