Vizione moves on from breaching controversy, begins corporate restructuring
28 Dec 2016, 08:54 pm
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KUALA LUMPUR (Dec 28): Vizione Holdings Bhd said its corporate exercise is being undertaken as scheduled, as it has received closure on breaches committed by former directors, while the company was still known as Astral Supreme Bhd.

Bursa Malaysia Securities Bhd had on Dec 23 reprimanded the company and nine former directors for breaching listing requirements between 2011 and 2013.

Of those rebuked, eight former directors were fined a total of RM1.112 million. 

In a memo to the bourse today, Vizione said it has taken and will be taking the necessary actions to address all issues resulting in the breaches and improve the group’s financial performance.

For the first financial quarter ended Aug 31, 2016 (1QFY17), Vizione returned to the black with a net profit of RM121,000, versus a net loss of RM833,000 a year earlier.

The Edge Financial Daily had on Dec 20 reported that the corporate exercise aims to recapitalise the company, which divested the unprofitable manufacturing business to finance its construction activities.

The company has successfully finalised several construction projects in the past three years and is optimistic that with fresh funding, it would be financially stable to secure and complete more projects to increase its earnings.

“Vizione had experienced gradual changes in its board of directors since March 2014, which all former directors have been replaced with the present board members,” said its managing director Datuk Ng Aun Hooi.

The capital reorganisation, which sees the reduction to the company’s par value, share premium and capital reserves, was completed on Nov 7.

It is also implementing its renounceable rights issue with warrants exercise, whereby the entitlement date for the subscription of the rights issue with warrants is scheduled on Jan 9.

Vizione’s shares traded unchanged to close at 15 sen today, giving it a market capitalisation of RM43.79 million.

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