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Hot Stock Inix falls 10% on corporate exercise plan
by Cals Tue 10 May 2016, 10:27
- Hot Stock
[size=28]Inix falls 10% on corporate exercise plan
By Surin Murugiah / theedgemarkets.com | May 10, 2016 : 9:38 AM MYTKUALA LUMPUR (May 10): Shares of Inix Technologies Holdings Bhd fell 10% in early trade today after the company said it is planning to reduce by half the par value of its shares by cancelling five sen from the 10 sen value to eliminate its existing accumulated losses. Subsequent to that, it plans to consolidate every two shares of five sen each into one consolidated share.
At 9.17am, Inix fell half a sen to 4.5 sen with 2.91 million shares done.
The information technology company, which ventured into land reclamation last year, noted in its filing today that the below-par-value share price has deterred the company from raising funds from the equity market.
Hence, it hopes its par value reduction plan will provide it greater flexibility to raise funds and implement corporate proposals, which entails the issuance of new shares closer to its market price in the future.
As at May 6, Inix's issued and paid-up share capital was RM41.73 million, with 417.27 million shares.
The proposed par value reduction is expected to give rise to a credit of RM31.29 million, which will be used to offset its accumulated losses, which stood at RM15.15 million as at July 31, 2015.
Subject to shareholders' approval at an extraordinary general meeting to be convened, it expects the proposals to be completed by the second half of 2016.
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