Permaju plans share capital reduction

KUALA LUMPUR: Permaju Industries Bhd has proposed a share capital reduction of up to RM258 million of its accumulated losses. It said in a filing with Bursa Malaysia yesterday the corresponding credit of RM258 million arising from the cancellation would be used to offset against accumulated losses. Permaju said the reduction, pursuant to Section 117 of the Companies Act 2016, was expected to enhance the company’s credibility with bankers, customers, suppliers, investors and other stakeholders.