It has converted its long-term receivable of RM39.8 million from its subsidiaries, Syarikat Minho Kilning Sdn Bhd (SMKSB) and Idaman Heights Sdn Bhd (IHSB), into an investment in both.
The conversion is to formalise the long-term debt into equity, with a subscription of new ordinary shares of RM1 each for the total consideration of RM39.8 million.
With an additional share subscription of RM35.007 million in SMKSB, Minho's paid-up capital in the company increased to RM41.145 million, while its paid-up capital in IHSB rose to RM4.9 million from RM100,000 previously.
SMKSB and IHSB are wholly-owned by Minho. The funding of both subsidiaries came from internally generated funds and from Minho.
55 minutes ago
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