Capital A gets green light for RM6bil capital reduction
KUALA LUMPUR: Capital A Bhd has received the green light for its proposed regularisation plan, which includes a capital reduction of up to RM6 billion.
This follows unanimous approval by shareholders and holders of redeemable convertible unsecured Islamic debt securities (RCUIDS) at the company's extraordinary general meeting (EGM) held today.
Capital A said the capital reduction will help improve its financial position by clearing accumulated losses from its balance sheet, resulting in a more transparent and stable financial outlook.
"This represents achievement of critical milestones in Capital A's proposed regularisation plan, designed to facilitate the company's exit from practice note 17 (PN17) status and reinforce its long-term financial resilience," it said in a statement.
According to Capital A, following the approvals obtained, it will move forward with seeking High Court confirmation for the capital reduction, which will take place after the entitlement date for the proposed disposal is announced.
Its chief executive officer Tony Fernandes said that with the backing of shareholders and RCUIDS holders for the capital reduction, the company is making decisive moves to complete its turnaround and exit PN17 status.
"We've been through tough times, but we've built powerful businesses that are now positioned for growth, and these exercises are critical to unlocking that next chapter," he said.
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