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2002-10-31 11:08:00 a.m. HKT, XFNA
Shanghai Allied proposes capital reorganisation to cut losses of 559 mln hkd
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HONG KONG (AFX-ASIA) - Shanghai Allied Cement Ltd (1060.HK) said it is
proposing a capital reorganisation to eliminate its accumulated losses of
about 559 mln hkd.
In a statement, the company said it is proposing to cut the nominal value
of its shares from 0.01 hkd per share to 0.005 hkd, which will give rise to a
credit of 182 mln hkd.
The credit will be transferred to the contributed surplus account, which
together with 421 mln hkd from the share premium account, will be used to
eliminate its accumulated losses, it said.
After the capital reorganisation, there will be about 94 mln hkd left in
the contributed surplus account.
Shanghai Allied is also proposing to consolidate every 50 reduced shares
into one new share, raising the nominal value of each consolidated share to 0.
25 hkd.
The consolidated shares are expected to trade on the SEHK on Dec 20, it
added.
rachel.arputharajoo@afxnews.com
ra/jtz
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