KUALA LUMPUR: Eco World International Bhd
is undertaking a corporate exercise to reduce RM1.5 billion of its issued share capital pursuant to Section 117 of the Companies Act 2016.
The corresponding credit arising from the proposed capital reduction will be used to set off against the company’s accumulated losses while the remaining balance will be credited to the retained earnings of the company.
In a filing with Bursa Malaysia today, the company said it intends to distribute its estimated excess cash of up to RM900 million in 2023, after setting aside funds for the group’s estimated working capital and funding requirements and subject to meeting its sales targets and receiving the relevant approvals.
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