ACSL (TYO:6232) will seek shareholder approval to reduce share capital and legal capital surplus to offset retained losses, according to a Wednesday filing on the Tokyo Stock Exchange.
The company plans to cut share capital to 10 million yen from 1.72 billion yen by reducing 1.71 billion yen and transferring the amount to other capital surplus. It will also reduce legal capital surplus by 115 million yen to 1.59 billion yen.
ACSL will then transfer 1.82 billion yen in other capital surplus to retained earnings brought forward to eliminate the accumulated deficit.
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