Business

Friday October 30, 2009

Lityan is now listed LTH unit


PETALING JAYA: Information technology service provider Lityan Holdings Bhd, which is coming out of Practice Note 17 (PN17) category today, will also become a listed subsidiary of Lembaga Tabung Haji (LTH).

With the completion of the plan, Lityan will be debt-free.

The emergence from PN17 follows the completion of a regularisation plan involving capital reconstruction and debt restructuring in which LTH played the role of a white knight for a company that has languished in PN17 since 2004 after several overseas ventures fell through.

LTH, which previously had an 18.65% stake in Lityan, would see its holdings rise to 52% after a special share sale of 31.45 million new ordinary shares of RM1 each by Lityan as part of the regularisation plan.

LTH would also inject a unit, THT Integrated Solutions Sdn Bhd, into Lityan for RM1.6mil in shares.


LITYAN : [Stock Watch] [News]


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