PETALING JAYA: Cuscapi Bhd
plans to wipe out up to RM190mil in accumulated losses through a share capital reduction and raise fresh cash through the roll out of an employee share issuance scheme (SIS) of up to 15% of its issued shares.
In a Bursa Malaysia filing, the technology solutions provider said the reduction under Section 117 of the Companies Act 2016 will cancel paid-up capital that is lost or unrepresented by available assets.
Based on its audited accounts for the financial year ended Dec 31, 2025, the group had accumulated losses of RM143.2mil that would turn into retained earnings of RM46.3mil after the corporate exercise.
Its issued share capital stands at RM203.4mil and would fall to about RM13.4mil following the capital reduction, with no change in the 944.9 million shares in issue.
Cuscapi added the move would better reflect the value of its assets and improve its standing with bankers, suppliers and investors.
Both proposals need approval from Bursa Securities and shareholders at an extraordinary general meeting, and are expected to be completed by the second quarter of 2027.
