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.