G Neptune regularisation plan gets ok

PETALING JAYA: The non-interested shareholders of G Neptune Bhd have approved its proposed regularisation plan at an EGM that was held yesterday.

Its shareholders’ approval marked a key milestone for G Neptune’s proposed regularisation plan which is expected to address the company’s Guidance Note 3 (GN3) status, as well as return it to a stronger financial standing and profitability.

In a statement, G Neptune said an integral part of the approved regularisation plan was the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252mil to be satisfied through the issuance of 1.68 billion shares.