KUALA LUMPUR (Dec 19): Fashion group Carlo Rino Bhd (KL:CARLORINO) has proposed to consolidate every two shares held by its shareholders into one share.
In a bourse filing on Friday, Carlo Rino said the move is intended to reduce share price volatility.
Based on its closing price of 12.5 sen on Dec 1, the group said the price could theoretically be adjusted to 25 sen post-consolidation. Upon completion of the exercise, Carlo Rino’s share base will be reduced to 488.76 million shares from 977.52 million shares, for a share capital of RM113.44 million.
The proposal, subject to approval from Bursa Securities and Carlo Rino’s shareholders, is expected to be completed by the first quarter of 2026.
TA Securities has been appointed to act as the adviser for the proposed share consolidation.
In Dec last year, Carlo Rino raised RM46.4 million from its transfer to Ace Market — six years after listing on the LEAP Market in November 2018.
The group is well known for its women’s handbags, footwear and accessories. It posted a net profit of RM2.47 million in the first quarter ended Sept 30, 2025 (1QFY2026), up 5.5% from RM 2.34 million a year ago, as revenue expanded 10.87% to RM21.99 million, from RM19.83 million during the same period.
Carlo Rino’s shares closed one sen or 7.14% lower at 13 sen, valuing the group at RM127 million. Year to date, the stock has declined by 35%.