Lityan (previous PN17) become subsidiary of Tabung Haji
Filed Under (Business News) by Webmaster on 30-10-2009
Tagged Under : Lembaga Tabung Haji, Lityan, pn17
Information technology service provider Lityan Holdings Bhd, which is coming out of Practice Note 17 (PN17) category today, will also become a listed subsidiary of Lembaga Tabung Haji (LTH).
With the completion of the plan, Lityan will be debt-free.
The emergence from PN17 follows the completion of a regularisation plan involving capital reconstruction and debt restructuring in which LTH played the role of a white knight for a company that has languished in PN17 since 2004 after several overseas ventures fell through.
LTH, which previously had an 18.65% stake in Lityan, would see its holdings rise to 52% after a special share sale of 31.45 million new ordinary shares of RM1 each by Lityan as part of the regularisation plan.
LTH would also inject a unit, THT Integrated Solutions Sdn Bhd, into Lityan for RM1.6mil in shares.
