I have Scib at high price. Yesterday news out - SCIB shareholders approve share capital reduction. CEO Rosland ceases to be substantial shareholder. Will the share price drop again?
Edge Report - KUALA LUMPUR (June 30): Sarawak Consolidated Industries Bhd’s (SCIB) shareholders today approved the group’s proposal to cancel RM40 million worth of its issued share capital.
The credit arising from the share capital reduction would be used to eliminate the accumulated losses of the group, SCIB said in a statement after shareholders approved the proposal at an extraordinary general meeting.
“The reason for the proposed capital reduction is to offset the losses that the company has accumulated from 2006 to 2018, as a result of the net loss incurred from operating business,” said group managing director and CEO Rosland Othman.
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birdparadise
1,468 posts
Posted by birdparadise > 2021-07-01 17:08 |
Post removed.Why?