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2004-5-13 04:27:00 p.m. HKT, XFNA
Hong Kong-listed Wai Yuen Tong to cut share capital to plug accumulated losses
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HONG KONG (AFX-ASIA) - Wai Yuen Tong Medicine Holdings Ltd (897.HK) said
it plans to reduce its share capital to 5.53 mln hkd from 55.3 mln, and use
the credit of 49.7 mln hkd arising from the reduction to eliminate
accumulated losses as of September 30, 2003.
Under the share capital reduction plan, the company will cut the paid-up
and nominal value of each issued share to 0.01 hkd from 0.1.
Prior to the capital reorganization, the company's authorized share
capital was 600 mln hkd divided into 6 bln shares of 0.1 hkd each.
After reorganization, its authorized share capital will still be 600 mln
hkd, but this will be divided into 60 bln shares of 0.01 hkd each.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/net
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