Key Asic slides on proposed share capital reduction

Genting slumped 15 sen to RM6.80 and erased 1.01 points while GentingM was down three sen to RM3.25 following the recent corporate news which were viewed as negative by investors.

KUALA LUMPUR: Key Asic Bhd is seeing selling pressure following news it is proposing to undertake a share capital reduction of RM46mil to eliminate the company's accumulated losses.

"The elimination of accumulated losses in the statements of financial position of the Company may enhance its credibility with customers, suppliers and investors," it said in a stock exchange filing yesterday.

As at Sept 24, 2018, being the latest practicable date (LPD) prior to this announcement, the issued share capital of Key Asic was RM73,741,642 comprising 930,569,000 shares.

The proposed share capital reduction is expected to be completed by the first quarter of 2019.

At 10.10am, Key Asic shed two sen or 9.7% to 18.5 sen on the back of 18.31 million shares traded.