Friday, 30 January 2015 01:05
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The Board of Directors of Softlogic Capital PLC (SCAP) has resolved to effect a reduction in the stated capital of the company by a proposed sum of Rs. 618.5 million, subject to shareholder approval at an Extraordinary General Meeting (EGM) on 6 March.
SCAP cited its intention to reduce accumulated losses of the company as the reason for the lowering of its stated capital however it stressed that the approximate 688.2 million shares in issue would remain unchanged.
The company’s current stated capital stands at approximately Rs. 3.5 billion. Consequent to the proposed reduction, stated capital will stand at Rs. 2.88 billion.
The company posted a loss of Rs. 11.1 million during the quarter ended 30 September 2014, narrowing down from a loss of Rs. 55.9 million in 2013.
