Xinming China (HKG:2699) is proposing a share consolidation on the basis of every 100 issued and unissued existing shares of par value of HK$0.01 each into one consolidated share of par value of HK$1 each, a Dec. 6 bourse filing said.
Any fractional consolidated share resulting from the consolidation will then be cancelled and the par value of each issued consolidated share will be reduced to HK$0.01 from HK$1.
Following this, each authorized but unissued consolidated share of par value HK$1 each will be subdivided into 100 adjusted shares of par value of HK$0.01 each.
The expressway and highway construction company is also proposing a rights issue at HK$1.12 apiece on the basis of four rights shares for every adjusted share, subject to the capital reorganization becoming effective.
The company will raise up to HK$84.2 million from the issue of 75,144,880 rights shares based on the current number of issued shares, or around HK$93.8 million from the issue of up to 83,777,972 rights shares if additional shares are issued on the exercise of certain convertible bonds.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.