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Far 3 Reconstruction Event

In: Business and Management

Submitted By faizfaisal93
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Reconstruction Events
Restructuring is a significant modification made to the debt, operations or structure of a company. This type of corporate action is usually made when there are significant problems in a company, which are causing some form of financial harm and putting the overall business in jeopardy. The hope is that through restructuring, a company can eliminate financial harm and improve the business
The company have been undergoing recon structuring because the company suffered huge loss from credit crisis in the US. In order to keep the company continuous their operations, the company need to experience internal recon structuring,
The company proposed share capital reduction pursuant to the Companies Act, 1965 involving the reduction of the par value of each existing ordinary share of PMI in issue from RM0.50 to RM0.05 via the cancellation of RM0.45 of the par value of each existing ordinary share of RM0.50 each ("Proposed Par Value Reduction"). The company also proposed reduction of the share premium account of PMI of up to RM224.007 million ("Proposed Share Premium Reduction"). The company proposed consolidation of two (2) ordinary shares of RM0.05 each in PMI (after the Proposed Par Value Reduction) into one (1) ordinary share of RM0.10 in PMI each resulting in the revision of PMI’s issued and paid-up share capital from 2,479,324,224 ordinary shares of RM0.05 each in PMI amounting to RM123,966,211 (after the Proposed Par Value Reduction) to 1,239,662,112 ordinary shares of RM0.10 each in PMI amounting to RM123,966,211 (“Proposed Share Consolidation”).(The Proposed Par Value Reduction, Proposed Share Premium Reduction and Proposed Share Consolidation shall collectively be known as the "Proposed Capital Reconstruction").
Further, should the issued and paid-up share capital of the Company be increased prior to the implementation of the Proposed Par…...

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