Business

Wednesday October 7, 2009

Global Carriers to reduce capital


KUALA LUMPUR: Global Carriers Bhd has proposed to undertake a capital reduction which entails the cancellation of 80 sen of the par value of each of the existing 418.6 million shares of RM1 each.

In a filing with Bursa Malaysia, AmInvestment Bank Bhd said the accumulated losses of Global Carriers would be substantially reduced to about RM2mil based on the unaudited accumulated losses of the company as at June 30 of RM336.9mil.

Based on the audited accumulated losses of Global Carriers as at Dec 31, 2008 of RM334.2mil, the accumulated losses of the company will be substantially reduced to about RM700,000 retained profits.

“Upon the completion of the proposed capital reduction, the issued and paid-up capital of the company will be reduced to RM83.7mil comprising 418.6 million ordinary shares of 20 sen each.” it said.


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