Vizione plans RM500mil share capital reduction to offset losses

PETALING JAYA: Vizione Holdings Bhd is proposing a share capital reduction of up to RM500mil to offset its accumulated losses and strengthen its financial position.

In a filing with Bursa Malaysia, the construction and property development firm said the exercise will involve the cancellation of share capital that is lost or unrepresented by available assets, with the full RM500mil credit arising from the reduction to be used to offset its accumulated losses.

“The proposed share capital reduction will enable the group to rationalise its financial positions by reducing the accumulated losses to more appropriately reflect the value of the underlying assets and financial positions.

“In addition, the reduction of accumulated losses is expected to enhance the credibility of both the company and the group with the bankers, customers, suppliers, investors and other stakeholders,” it said.