Ahmad Sebi Bakar converts ICULS for 24m shares in Advance Synergy

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KUALA LUMPUR (Sept 17): Datuk Ahmad Sebi Bakar, group executive chairman of Advance Synergy Bhd (ASB), has coverted his 48.93 million 10-Year Irredeemable Convertible Unsecured Loan Stocks (ICULS) into 24.47 million new ordinary shares in ASB, an announcement to Bursa Malaysia revealed today.

The conversion was done on the ratio of two ICULS for one new ordinary share in ASB.

After the conversion, Ahmad Sebi raised his direct interests in ASB to 11.61% stake or 76.81 million shares. He is also deemed to have interests in another 18.56% or 122.81 million in the company.

Shares of Advance Synergy remained unchanged at 20.5 sen, with 1.15 million shares changing hands. The company, which is principally involved in the leisure and hospitality industry, has a market capitalisation of RM130.7 million.