MYCOM Bhd's shareholders at an EGM on Thursday approved the group's proposed restructuring scheme to position it on a stronger financial footing, managing director Datuk Yap Yong Seong said.
He said the scheme would commence early next year.
“The EGM is the first step towards implementing the scheme. Taking into consideration the festive season at the end of the year, the implementation will take three to four months,” he said after the EGM in Kuala Lumpur.
The restructuring is expected to enhance the group's future performance and contribute positively to its earnings for the financial year ending June 30, 2004.
Measures under the proposed scheme include capital reduction, consolidation and reduction of the revaluation reserve account and a proposed share premium account reduction.
Mycom also planned to streamline its operations and focus on developing its core activities in property development.
The group plans to acquire land, property and construction companies.
Yap said the group's timber business was picking up pace due to the better price of US$320 per cubic metre currently. – Bernama
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