Scomi Group revises share capital reduction to only RM3m

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

KUALA LUMPUR: Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

It said on Thursday the credit arising might be used to further set-off against future losses of the company in the near future. 

Scomi Group said the revised proposal would give rise to a total credit of RM221.96mil compared with the earlier amount of RM184.96mil.

Under the minimum scenario of RM3mil comprising 1.093bil shares is based on the assumption none of the outstanding 491.279 million Warrants B are exercised into new shares before the proposed share capital reduction.

Under the maximum scenario it would be RM106.168mil comprising 1.585 billion shares assuming the outstanding 491.279 million Warrants B are converted into shares.