Nexgram plans 10-to-1 share consolidation

• Upon the completion of the consolidation, Nexgram will see its number of issued shares to be between 441.43 million and 573.88 million, depending on the subscription of outstanding warrants.

PETALING JAYA (Sept 14): Nexgram Holdings Bhd is planning to consolidate every 10 shares in the ACE Market-listed telecommunications and media firm into one new share.

As of Sept 9, Nexgram had a total of 4.41 billion issued shares and the last trading price closed at one sen per share.

"Considering the large share base and low trading price, the proposed share consolidation is expected to enhance the company's share capital structure by consolidating the existing Nexgram shares, which will result in a reduction in the number of shares available in the market," the group said in a filing with Bursa Malaysia on Wednesday (Sept 14).

Upon the completion of the consolidation, Nexgram will see its number of issued shares to be between 441.43 million and 573.88 million, depending on the subscription of outstanding warrants, the company said in the filing.

"The share consolidation is expected to increase net assets per share of Nexgram together with its subsidiaries without affecting the total market value of shares, share capital and shareholders' shareholding structure of the company," Nexgram added.

The company expects the share consolidation exercise to be completed by the fourth quarter of 2022.