Sycal plans par value reduction of its shares, placement

PETALING JAYA: Little-known construction firm Sycal Ventures Bhd is proposing a par value reduction of the company’s shares as well as seeking a private placement of up to 30% of its existing issued and paid-up capital.

MIDF Investment Bank Bhd said on behalf of the company that Sycal proposed to reduce the par value of its RM1 shares to 25 sen by cancelling 75 sen from every existing share.