Jasmine to cut par value in write-offs

In a statement to the Stock Exchange of Thailand, the telecom company said its board had approved the reduction in both registered and paid-up capital by decreasing the par value from Bt1 to Bt0.50 per share.

The value of paid-up capital of 8.3 million shares will be affected, while the par value of 200 million preferred shares will also be reduced.

A portion of the Bt4.16 billion in proceeds from the exercise will be used to eliminate the company's retained losses of Bt457 million and the discount on common stock of Bt1.76 billion, as well as any future discount on common stock.

The proposal needs the approval of shareholders at an extraordinary meeting called for July 10.