Wai Chun Bio-Technology (HKG:0660) plans to reduce its issued share capital by canceling its paid-up capital, according to a Friday filing with the Hong Kong Stock Exchange.
The cancellation involves reducing the par value of the modified starch and other biochemical product company's issued common shares to HK$0.01 each from HK$0.25.
After the capital reduction, the company will subdivide its unissued shares with a par value of HK$0.25 each into 25 new common shares with a par value of HK$0.01 each.
The company also agreed with bondholders to amend the terms of its existing convertible bonds, including changing the conversion price to HK$0.06 per conversion share from HK$0.25 as well as extending their maturity dates.
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