MMAG Holdings Bhd has proposed a share capital reduction to eliminate up to RM270 million of its accumulated losses.

The reduction aims to improve the company’s financial position, reducing its accumulated losses from RM290.2 million to RM20.37 million.

Following the reduction, MMAG’s issued share capital will decrease from RM565.22 million to RM295.22 million.

The ACE Market listed company was recently granted a waiver from being classified as an affected listed company under Bursa’s GN3 guidance.

Shares of MMAG closed unchanged at 42.5 sen on Friday, giving it a market capitalisation of RM981.59 million. –TMR