KS Energy's subsidiary reduces share capital

KS Energy's subsidiary, Atlantic Rotterdam (ARL), has reduced its authorised and issued share capital as part of a cost restructuring exercise.

ARL is a wholly-owned subsidiary of Sphinx Frontier (SF), which is in turn a wholly-owned subsidiary of KS Energy.

The capital reduction will result in a cancellation of some 66.06 million shares, or the change in the number of shares held by SF, from 66.66 million shares to 600,000 shares.

Reserves amounting to about US$1.32 million arising from the capital reduction will be utilised to reduce ARL's accumulated losses.