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2003-12-8 03:20:00 p.m. HKT, XFNA
Hong Kong's Tian An proposes 10-to-1 share consolidation
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HONG KONG (AFX-ASIA) - Property developer Tian An China Investments Co
Ltd (28.HK) said it proposes to consolidate every 10 issued and unissued
existing ordinary shares of 0.20 hkd each into one share of 2.00 hkd.
It also proposes further to reduce the par value of each consolidated
share from 2.00 hkd to 0.20 hkd by cancelling 1.80 hkd per share.
Based on the total of 7.84 bln existing ordinary shares in issue, the
move will generate credit of 1.41 bln hkd, which will go into a special
capital reserve account.
Tian An China said the share consolidation and capital reduction will
lower the handling cost of trading in its shares and allow more flexibility
in pricing a potential issue of new shares.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/js/ds
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