Ramunia Holdings Bhd has announced a proposed regulation plan involving a proposed capital reconstruction, proposed rights issue and business rejuvenation plan.
Under the reconstruction plan, Ramunia will cancel 25 sen from the par value of the existing ordinary share of 50 sen each, of which the credit arising there from will be used to set-off against the accumulated losses of the company.
Hence, a reduction of the entire share premium account of the group, it said in a filing to Bursa Malaysia today.
It also proposed a renounceable rights issue of up to 391.441 million new shares at an indicative issue price of 40 sen per rights share on the basis of two rights shares for every five existing Ramunia shares after the proposed change in par value, at an entitlement date to be determined later.
Ramunia will also have a business rejuvenation plan involving business strategies to build up the group's order book in relation to major offshore fabrication works as well as other oil and gas related business activities.
The proposed capital reconstruction plan will rationalise the balance sheet to reflect more accurately the value of the group's underlying assets.
"In addition, the proposed change in par value would facilitate the group to implement the proposed rights issue, so that the group will be able to issue the rights shares at below the existing par value of 50 sen each to reward shareholders," it said.
Meanwhile, its business rejuvenation plan is the management's efforts to build up and rejuvenate the group's business activities as a major offshore fabricator as well as oil and gas sector service provider. -- Bernama
Under the reconstruction plan, Ramunia will cancel 25 sen from the par value of the existing ordinary share of 50 sen each, of which the credit arising there from will be used to set-off against the accumulated losses of the company.
Hence, a reduction of the entire share premium account of the group, it said in a filing to Bursa Malaysia today.
It also proposed a renounceable rights issue of up to 391.441 million new shares at an indicative issue price of 40 sen per rights share on the basis of two rights shares for every five existing Ramunia shares after the proposed change in par value, at an entitlement date to be determined later.
Ramunia will also have a business rejuvenation plan involving business strategies to build up the group's order book in relation to major offshore fabrication works as well as other oil and gas related business activities.
The proposed capital reconstruction plan will rationalise the balance sheet to reflect more accurately the value of the group's underlying assets.
"In addition, the proposed change in par value would facilitate the group to implement the proposed rights issue, so that the group will be able to issue the rights shares at below the existing par value of 50 sen each to reward shareholders," it said.
Meanwhile, its business rejuvenation plan is the management's efforts to build up and rejuvenate the group's business activities as a major offshore fabricator as well as oil and gas sector service provider. -- Bernama
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