Proton's Lotus Completes Recapitalisation Exercise
KUALA LUMPUR, April 2 (Bernama) -- Proton Holdings Bhd's wholly-owned subsidiary, Lotus Group International Ltd and its subsidiary companies, Group Lotus plc and Lotus Cars Ltd completed their recapitalisation exercise last Friday.
In a statement to Bursa Malaysia today, the national car maker said the recapitalisation exercise, one of the elements in Lotus' business turnaround plan, was part of its continuous commitment towards Lotus.
A stronger balance sheet for Lotus Group is expected to follow the recapitalisation exercise which involved the capitalisation of certain inter-company advances of up to 45 million sterling pounds and a debt waiver of certain amounts owing by the Lotus Group to Proton and Perusahaan Otomobil Nasional Sdn Bhd of up to a maximum of 16.5 million pounds.
It also involved a capital reduction involving a 90 percent reduction in the par value of each existing ordinary share in Lotus, Group Lotus and Lotus Cars and the consolidation of the resultant shares on the basis of 10 ordinary shares into one ordinary share thereof.
The recapitalisation will also allow Lotus to execute its five-year business plan expeditiously, Proton said.
The exercise, however does not have any effect on the share capital and shareholding structure of Proton, nor will it have any effect on the net assets, gearing or earnings of the Proton group.
-- BERNAMA
In a statement to Bursa Malaysia today, the national car maker said the recapitalisation exercise, one of the elements in Lotus' business turnaround plan, was part of its continuous commitment towards Lotus.
A stronger balance sheet for Lotus Group is expected to follow the recapitalisation exercise which involved the capitalisation of certain inter-company advances of up to 45 million sterling pounds and a debt waiver of certain amounts owing by the Lotus Group to Proton and Perusahaan Otomobil Nasional Sdn Bhd of up to a maximum of 16.5 million pounds.
It also involved a capital reduction involving a 90 percent reduction in the par value of each existing ordinary share in Lotus, Group Lotus and Lotus Cars and the consolidation of the resultant shares on the basis of 10 ordinary shares into one ordinary share thereof.
The recapitalisation will also allow Lotus to execute its five-year business plan expeditiously, Proton said.
The exercise, however does not have any effect on the share capital and shareholding structure of Proton, nor will it have any effect on the net assets, gearing or earnings of the Proton group.
-- BERNAMA
posted by SEE FU at 9:12 PM
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