proposed reduction of the issued and paid-up share capital of the Company pursuant to Section 64 of the Act, involving the cancellation of RM0.15 from the par value of every existing ordinary share of RM0.25 each in Dataprep (“Proposed Par Value Reduction”);
(iii) proposed private placement of up to 38,308,719 new ordinary shares of RM0.10 each in Dataprep (“Placement Shares”), representing up to 10% of the issued and paid up share capital of the Company after the Proposed Share Premium Reduction and the Proposed Par Value Reduction (“Proposed Private Placement”);
Dataprep plans multiple proposals to eliminate losses, trim borrowings By Chester Tay / theedgemarkets.com | January 13, 2016 : 11:11 PM MYT
Translated by Google Translator: Select Language▼ KUALA LUMPUR (Jan 13): Dataprep Holdings Bhd ( Valuation: 0.00, Fundamental: 1.65) is planning to undertake a reduction of its share premium account, the cancellation of 15 sen from the 25 sen par value of each existing share to reduce its issued and paid-up share capital, and a private placement to raise up to RM7.09 million.
The first two exercises will give rise to credit that it intends to use to eliminate its accumulated losses, which stood at RM57.31 million as at Sept 30, 2015, while the private placement is primarily to raise funds to reduce borrowings, with the remainder to be used for working capital.
In a filing with Bursa Malaysia today, Dataprep said the share premium reduction will involve the reduction of RM5.49 million from its share premium account, while the par value reduction will give rise to a credit amount of about RM57.46 million.
"Any remaining credit (from the par value reduction) after the reduction of the accumulated losses will be credited to the retained earnings of the company," said the information technology services consultant.
After the proposed share premium and par value reduction, Dataprep will see retained earnings of RM5.34 million (group-level) and RM1.38 million (company-level).
Dataprep said these reductions would enable it to rationalise its balance sheet by eliminating its accumulated losses, which would better reflect the present financial position of the group.
The proposed private placement, which involves 38.31 million shares representing 10% of its issued and paid-up share capital, will be placed out to its controlling shareholder, VXL Holdings Sdn Bhd, which has a 60.62% stake in Dataprep.
Through its subsidiaries, VXL provides communication and technology, property development, and tourism development services in Malaysia, Hong Kong, and China.
At an indicative issue price of 18.5 sen, the private placement would raise some RM7.09 million; RM6.5 million of that has been earmarked for the repayment of borrowings, while RM287,000 will be for working capital, with the remainder for the defraying of expenses.
Dataprep shares rose one sen or 4.76% to close at 22 sen today, valuing it at RM80.5 million.
I heard this stock will fly next two weeks as they will receive a casino license operator in Myanmar. Do not know how true is it but watch for this stock
Do not gamble your money with rumors, since this counter clearly related to gambling business. any news must come from genuine insiders or else just ignore it. save your hard work money. sharktail I heard this stock will fly next two weeks as they will receive a casino license operator in Myanmar. Do not know how true is it but watch for this stock 28/03/2016 22:00
next week sure drop since the Hantu those want to trap ikan bilis alreadyfailed their mission. no response from retailers and this Hantu buy and sell itself. Hahaha
Dia akan datang bila sudah accumulate below or within 0.10-0.12 then support with good news, all this shark cum syndycate make a lots of profit. Anyway sure datang ini tahun atau awal tahun depan
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
zulmuiz
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