KUALA LUMPUR (Aug 3): Lingkaran Trans Kota Holdings Bhd (Litrak) shares will be suspended with effect from Aug 9 to facilitate the implementation of the company's capital reduction and repayment exercise, the company said in a bourse filing.
The capital repayment involves a cash distribution of 50.63 sen for each share held, or a total sum of RM275.78 million. The entitlement date for the capital repayment is Aug 10.
Litrak had announced the capital repayment on April 6, after the company was classified as a cash company following its disposal of its 100% stake in Lingkaran Trans Kota Sdn Bhd for RM2.33 billion, and its 50% interest in Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) for RM904 million, to Amanat Lebuhraya Rakyat Bhd.
The company had also announced that the trading of Litrak shares on the Main Market will continue to be suspended until the completion of the capital repayment followed by the delisting of its shares, after which Litrak intends to voluntarily wind-up the company.
“Litrak shareholders will hold unlisted Litrak shares until the completion of the winding-up process and be entitled to a further cash distribution from the remaining available cash arising from the winding-up process,” the company had said in its April 6 filing to the stock exchange.
Litrak shares traded unchanged at 51 sen on Thursday (Aug 3), valuing the company at RM277.74 million.