WCT Bhd (RM2.71/share) Announces internal reorganisation proposals

WCT Bhd (WCTB) has announced a slew of proposals as part of the group’s internal reorganisation initiatives.

The company had proposed the exchange of the securities of WCTB with securities in a new investment holding company, WCT Holdings Sdn Bhd, which would be converted into a public limited company and to be named as WCT Holdings Bhd (WCTH).

This would involve the one-for-one exchange of the entire issued and paid-up ordinary shares of 50 sen each in WCTB for ordinary shares of 50 sen each (after the share split) in WCTH, it said in a statement to Bursa Malaysia.

The company also proposed a one-for-one exchange of the outstanding 2008/2013 Warrants B in WCTB for new Warrants B in WCTH as well as the exchange of the outstanding 2011/2016 Warrants C in WCTB for new Warrants C in WCTH on the basis of one-for-one. Besides this, it had proposed the exchange of the 2012/2017 Warrants D in WCTB with new Warrants D in WCTH on the basis of one WCTH
Warrants D for every one Warrants D held.  - StarBiz