E.A. Technique to issue new shares to settle debt

A total of 19.15 million placement shares would be placed to managing director Datuk Abdul Hak Md. Amin(pic), 25.53 million placement shares to Sindora while the remaining 61.68 million placement shares would be placed to independent third party investors to be identified at a later date.

KUALA LUMPUR: E.A. Technique (M) Bhd has proposed to undertake a debt settlement exercise owed to its major shareholder, Sindora Bhd, totalling RM57.16mil via the issuance of 121.62 million new shares at 47 sen apiece in the company .

The share issuance might result in the company’s public shareholding spread decreasing below 25%, the marine transportation provider said in a filing with Bursa Malaysia yesterday.