GLORY FLAME Proposes Share Consolidation

Stock News

Jun 05

The board of GLORY FLAME (08059) has put forward a proposal for a share consolidation.

The consolidation would be based on combining every 20 existing issued and unissued shares with a par value of HK$0.01 each into one consolidated share with a par value of HK$0.2 each.

Additionally, the board has recommended that, immediately following the effectiveness of this share consolidation, a capital reduction and subdivision be implemented.

This process would involve two steps. First, the company's issued share capital would be reduced by cancelling HK$0.19 of the paid-up capital per consolidated share then in issue, thereby reducing the par value of each issued consolidated share from HK$0.2 to HK$0.01.

Second, following this capital reduction, each authorized but unissued consolidated share with a par value of HK$0.2 would be subdivided into 20 new shares, each with a par value of HK$0.01.

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