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OTHERS INDUSTRONICS BERHAD ("INDUSTRONICS" OR "COMPANY") - Proposed Capital Reduction Exercise by a Subsidiary

INDUSTRONICS BERHAD

Type Announcement
Subject OTHERS
Description
INDUSTRONICS BERHAD ("INDUSTRONICS" OR "COMPANY")
- Proposed Capital Reduction Exercise by a Subsidiary

The Board of Directors of Industronics wishes to announce that Sukitronics Sdn Bhd (“Sukitronics”), a 51% owned subsidiary of the Company proposes to carry out a capital reduction exercise to reduce its paid-up share capital from RM5,000,000.00 to RM1,000,000.00 by way of returning RM4,000,000.00 which is in excess of the needs of Sukitronics to its shareholders pursuant to Section 117 of the Companies Act, 2016 (“Proposed Capital Reduction Exercise”).

Pursuant to the Proposed Capital Reduction Exercise, the Company is expected to receive RM2,040,000.00 from Sukitronics in respect of 2,040,000 ordinary shares held by the Company in Sukitronics upon the completion of the exercise and the same will be utilised as working capital of the Company.

The Proposed Capital Reduction Exercise of Sukitronics is not expected to have a material impact on the net assets and earnings per share of the Company for the financial year ending 31 December 2017.

Further development of the above exercise will be announced in due course.

This announcement is dated 29 September 2017.






Announcement Info

Company Name INDUSTRONICS BERHAD
Stock Name ITRONIC
Date Announced 29 Sep 2017
Category General Announcement for PLC
Reference Number GA1-29092017-00110




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