PETALING JAYA: Asdion Bhd has proposed a share capital reduction of RM30.76 million to reduce and eliminate the accumulated losses of the company.

As at March 31, 2019, its accumulated losses stood at RM31.05 million at the group level.

It said the surplus after such elimination, if any, will be utilised to set off any future losses or for other purpose as the board deems fit.

“The proposed share capital reduction will enable the company to rationalise its statement of financial position by reducing/eliminating its accumulated losses, which may enhance the company’s creditability with bankers, customers, suppliers and investors,“ Asdion said.

The board expects the proposed share capital reduction to be completed by the fourth quarter of 2019.