Land & General Bhd (L&G) will issue up to 33,788,500 new ordinary shares of RM1 each, or about 6% of its issued and paid-up share capital, to identified property purchasers and certain contractors and consultants of Lembah Beringin Sdn Bhd (LB) and Bandar Sungai Buaya Sdn Bhd (BSB), its wholly-owned subsidiaries.
“The proposed issue of shares is intended to reduce the liabilities of the L&G group by settling its long outstanding liabilities with the property purchasers and contractors and consultants as payment for work already completed and certified, but unpaid, and for future works yet to be completed and/or certified,'' L&G said in filings to the MSEB.