Xinming China's (HKG:2699) 100-for-1 capital reorganization is still pending as the firm awaits directions from the Grand Court of the Cayman Islands confirming the capital reduction, a Wednesday filing with the Hong Kong bourse said.
The firm will also implement a rights issue on the basis of four rights shares for every one adjusted share, subject to the capital reorganization becoming effective.
Dispatch of the prospectus document containing details of the rights issue and the related provisional allotment letter, which was to take place on or before April 28, is now expected to be delayed.
The expressway and highway construction company first shared its plans regarding the capital reorganization and rights issue in December 2024.
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