KUALA LUMPUR (Jan 31): Fintec Global Bhd is planning to consolidate every 30 of its shares into one share, on a date to be decided later.

Fintec, which is principally involved in the investment of quoted and unquoted securities, said the share consolidation would lead to a reduction in the number of its shares available in the market.  

As at Jan 18, the issued share capital of the company was RM403.63 million, comprising 5.92 billion shares. The group also had 222.91 million outstanding irredeemable convertible preference shares (ICPS) and 170.09 million outstanding Warrants A.

Assuming none of the convertible securities are converted into new shares before the book closing date, the 5.92 billion shares will be consolidated into 197.46 million consolidated shares, said Fintec in a bourse filing.  

Assuming full conversion of the ICPS and full exercise of Warrants A, the enlarged number of 6.32 billion shares will be consolidated into 210.56 million consolidated shares, it added.

The group said the share consolidation would result in an adjustment to the reference price of its shares, ICPS and Warrants A.

The exercise, which is subject to approvals from Bursa Securities and shareholders of the group, is expected to be completed by the second quarter of this year.

Shares in Fintec closed unchanged at one sen on Wednesday, valuing the group at RM59 million.