PETALING JAYA: Go Innovate Asia Bhd
has received a request from two of its shareholders, Fong Pok Yee and Derrick Chia Kah Wai, to undertake a selective capital reduction and repayment exercise at 4.25sen per share.
In a statement, the two shareholders said should the proposed exercise be successful, it will result in them collectively holding the entire equity interest of the company and allow them to explore other business opportunities.
Go Innovate has an issued share capital of RM23.2mil comprising 300 million ordinary shares.
The above shareholders and persons acting in concert hold 290.2 million shares representing 96.73% equity interest.
“Any remaining shares which are not cancelled upon completion of the proposed exercise will continue to be held by the non-entitled shareholders,” it said.
The exercise is expected to be funded via existing cash reserves and internally generated funds from the group.
“We will request Go Innovate to make an application to Bursa Securities to withdraw its listing status from the Official List of Bursa Securities upon completion.”
