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2003-12-8 09:54:00 a.m. HKT, XFNA
Hong Kong-listed Tian An China to reduce paid-up capital by 90 pct
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HONG KONG (AFX-ASIA) - Hong Kong-listed Tian An China Investments Co Ltd
said it will reduce its paid-up capital by 90 pct to 156.75 mln hkd.
The company currently has authorised capital of 4.0 bln hkd, comprising
20 bln shares of 0.20 hkd each, of which 7.84 bln shares are issued and fully
paid.
The company plans to reduce its capital by consolidating every 10 issued
and unissued shares into one new share, and reducing the value of the new
shares to 0.20 hkd from 2.00 hkd.
After the capital reduction, the company will have 400 mln hkd in
authorised capital, comprising 2.0 bln new shares of 0.20 hkd each. Its
issued capital will be reduced to 156.75 mln hkd from 1.567 bln hkd,
comprising 783.73 mln shares.
The credit of about 1.41 bln hkd arising from the capital reduction will
be transferred to a special capital reserve account, and utilisation of the
account will be subject to conditions imposed by the High Court of the Hong
Kong Special Administrative Region, the company said in a statement.
The company's shares presently trade below their par value, and the
capital reduction will give it more flexibility to price new shares and
facilitate the raising of funds, the company added.
""Presently, the company has no plans to issue any new shares or to raise
any working capital,"" the statement added.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
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