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Global Yellow Pages plans S$59.8m capital reduction to write off losses
GLOBAL Yellow Pages plans to reduce its share capital by S$59.8 million to write off the same amount of accumulated losses, the information directory company announced on Thursday after the market closed.
The company's share capital currently stands at S$134.29 million, and will be S$74.49 million if the capital reduction is approved by shareholders.
The company's accumulated losses arose from one-off non-cash impairment of intangible assets of S$45.1 million relating to trademarks with indefinite useful life and non-cash impairment of S$22.8 million for investment in an associated company, a total of S$67.9 million hit for the year ended June 30.
The trademarks that were impaired related to the company's telephone directories and classified directory advertising businesses.
The proposed capital reduction will not change the number of issued shares. No capital will be returned to shareholders.