Taung Gold International (HKG:0621) said it plans to consolidate every 10 existing shares into one share and reduce its board lot size from 10,000 to 5,000 shares, according to a July 11 Hong Kong bourse filing.

The proposed share consolidation will raise the par value per share from HK$0.01 to HK$0.10, while keeping the authorized share capital unchanged at HK$300 million.

Shares of the company were down about 7% in Monday morning trade.

The number of issued shares will shrink from about 18.2 billion to 1.82 billion upon effectiveness.