Hua Yin International (HKG:0989) is proposing a capital reorganization and share premium reduction through a share consolidation and reduction, according to a Monday bourse filing.
The firm will first consolidate every 20 existing shares of par value of HK$0.05 each into one consolidated share of par value HK$1.
After cancellation of any fractional consolidated shares, the remaining issued ordinary share capital of nearly HK$360.2 million divided into 360,181,940 consolidated shares will be reduced to HK$3.6 million divided into 360,181,940 new shares.
Each authorized but unissued consolidated share will then be subdivided into 100 new shares of HK$0.01 each, making the authorized ordinary share capital HK$780 million divided into 78 billion new shares.
Each authorized but unissued existing convertible preference share will be subdivided into five new convertible preference shares of HK$0.01, making the company's authorized preference share capital around HK$227 million divided into 22,696,764,705 new convertible preference shares.
The company will then propose to reduce its share premium account, subject to shareholder approval.
Shares of the real estate firm were down nearly 5% in recent trade.
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