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Categories
| Gold Bridge mulls capital repayment |
| Business & Market 2009 | |||
| Written by Isabelle Francis | |||
| Tuesday, 30 June 2009 10:22 | |||
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Gold Bridge told Bursa Malaysia yesterday it had decided not to go ahead with its restructuring scheme, which was postponed several times after it was first announced in December 2008. “The board is presently deliberating its next course of action, including the possibility of implementing a capital repayment exercise, amongst other options,” it added. The loss-making company said yesterday the continued economic slowdown had impeded its efforts to raise financing and from launching as well as securing new projects. It also cited the delays in the disposal of the D’Aseania Mall (DAM) as a reason. This, it said, was a consequence of the delay by Hektar Klasik in obtaining the appropriate financing for the purchase of the stake in DAM and finalising the terms and conditions of the sale and purchase agreement. The disposal of the mall was to have resulted in a gain of RM8.72 million or four sen per share. Therefore, Gold Bridge said it would not be in the best interests of the company and its shareholders to proceed with the proposed restructuring scheme. The restructuring scheme included a capital reduction and share consolidation that was aimed at eliminating the accumulated losses and put Gold Bridge in a firmer financial footing. In March 2008, Gold Bridge was declared a PN17 company, following its failure to submit a regularisation plan after it was granted time extensions. As of June 12, it was categorised as an Amended PN17 company. Last month, the company was granted its third extension to enable it to finalise and submit the restructuring scheme by today. For the third quarter ended March 31, 2009, Gold Bridge posted a net loss of RM19.87 million on the back of RM10.88 million revenue. This article appeared in The Edge Financial Daily, June 30, 2009.
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