Friday 29 Mar 2024
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KUALA LUMPUR (Sept 19): Konsortium Transnasional Bhd (KTB), which is controlled by Tan Sri Mohd Nadzmi Mohd Salleh, plans to raise RM60.42 million by issuing 604.2 million renounceable rights shares on the entitlement of three rights shares for every two existing shares.

Additionally, the bus operator will also undertake a capital reduction exercise, trimming its shares’ par value of 50 sen to 10 sen, to wipe out its accumulated losses of RM148.63 million as at Dec 31 of last year.

In a filing with Bursa Malaysia today, KTB said Nadzmi and associated companies – namely Kumpulan Kenderaan Malaysia Bhd, Lengkap Suci Sdn Bhd and Nadicorp Holdings Bhd – have irrevocably agreed to subscribe in full for their respective entitlements, which will make up 74.68% of the rights shares.

Almost all of the proceeds from the rights shares will be used for KTB’s working capital, with some RM1.4 million for the exercises’ expenses. KTB said it hopes to complete the cash call and capital reduction exercise in the first quarter of next year.

KTB's stock ceded two sen or 3.64% to close at 53 sen today with a trade volume of 24.59 million. Its market capitalisation was RM221.54 million.
 

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