Taung Gold International (HKG:0621) said it plans to consolidate every 10 existing shares into one share and reduce its board lot size from 10,000 to 5,000 shares, according to a July 11 Hong Kong bourse filing.
The proposed share consolidation will raise the par value per share from HK$0.01 to HK$0.10, while keeping the authorized share capital unchanged at HK$300 million.
Shares of the company were down about 7% in Monday morning trade.
The number of issued shares will shrink from about 18.2 billion to 1.82 billion upon effectiveness.
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.