KUALA LUMPUR (Jan 13): Poly Glass Fibre (M) Bhd will change its name to PGF Capital Bhd with effect from Friday (Jan 14).

The company's securities will be trading under the new name and a stock short name of PGF, instead of POLY.

The name change was approved by the company's shareholders at an extraordinary general meeting on Jan 7.

The shareholders also approved an amendment to the company's constitution to facilitate a rights issue of 79.99 million irredeemable convertible preference shares (ICPS).

The five-year tenure ICPS, with an indicative conversion price of RM1 per share, will be issued at 10 sen per share on the basis of one ICPS for every two existing shares held by shareholders.

Poly Glass Fibre expects to raise up to RM8 million to fund its business expansion in manufacturing and ecotourism while utilising the remaining proceeds as general working capital.

For its second quarter ended Aug 31, 2021, Poly Glass Fibre reported a net loss of RM994,000 compared with a net profit of RM3.04 million a year earlier. Revenue fell 44.39% to RM10.17 million from RM18.29 million.

The company said the lacklustre performance was due to lower output and sales revenue from its glass wool manufacturing.

Poly Glass Fibre shares closed 2.5 sen or 3.57% lower at 67.5 sen on Thursday, giving the company a market capitalisation of RM107.98 million.