Time dotCom to cancel 90c from each share, capital repayment RM50.61m

Time dotCom to cancel 90c from each share, capital repayment RM50.61m
Written by Joseph Chin
Monday, 15 November 2010 17:13


KUALA LUMPUR: TIME DOTCOM BHD [] is undertaking a corporate exercise which involved a share capital reduction, capital repayment and the acquisition of four companies as it seeks to expand into the regional telecommunications industry,

Time dotCom said on Monday, Nov 15 it would undertake a share capital reduction of its paid-up of RM2.53 billion, comprising of 2.53 billion shares of RM1 each by cancelling 90 sen of the par value.

It also proposed a share consolidation of the 2.53 billion 10 sen shares and consolidate them into 506.15 million shares, on the basis of five shares of 10 sen each to one share of 50 sen each in Time dotCom.

It also entered into two memoranda of agreements with the shareholders of Megawisra Sdn Bhd and Global Transit Ltd (Labuan) to acquire four companies for a total of RM286.5 million via the issuance of new shares and RM38.4 million cash.

The four companies are Global Transit Communications Sdn Bhd for RM106 million, Global Transit Ltd for RM105 million, Global Transit (HK) Ltd and Global Transit Singapore Pte Ltd for RM1 each and AIMS Group for RM128 million in cash and shares.

It also proposed a capital repayment of RM50.61 million or two sen per TdC share.

http://www.theedgemalaysia.com/business-news/177153-flash-time-dotcom-to-cancel-90c-from-each-share-capital-repayment-rm5061m.html


Related:
Time dotCom Analyst presentation slides and research paper