The Grand Court of the Cayman Islands has approved Chaoda Modern Agriculture's (HKG:0682) proposed capital reduction and subdivision, the effective date of which is expected to be delayed, the company said in a Tuesday Hong Kong bourse filing.

In November 2024, the firm proposed a capital reduction under which the firm's issued share capital would be reduced by canceling its paid-up capital to the extent of HK$1.99 per issued consolidated share, cutting the par value of each share to HK$0.01 each from HK$2 previously.

Each authorized but unissued consolidated share will then be subdivided into 200 authorized but unissued new shares with a par value of HK$0.01 each.

The capital reduction and share subdivision will follow a 20-for-1 share consolidation.