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VGO Corporation announced on Friday that shareholders have approved its plan to reduce its share capital by S$27.9 million to write off the same amount of accumulated losses, leaving a paid-up share capital of just S$4,000.
This is part of VGO's plans in a reverse takeover that will give Malaysia's Hatten Group a backdoor listing in Singapore.
VGO will issue 1.2 billion new shares, representing 92.8 per cent of VGO's post-enlargement issued share capital, in exchange for full ownership of Sky Win Management Consultancy, Hatten's property development arm.
The effective date of the proposed listing transfer will be Jan 26, while trading will be suspended on Jan 24 to facilitate the issuance of consideration shares.
The company has appointed UOB Kay Hian Private Limited to act as its continuing sponsor.