HAO TIAN INTL Proposes Share Consolidation Plan

Stock News04-29

HAO TIAN INTL (01341) has announced a proposal from its board of directors to implement a share consolidation. The consolidation will be on the basis of every 20 issued and unissued shares with a par value of HK$0.01 each being combined into one consolidated share with a par value of HK$0.20 each.

The board further proposed that, following the effective date of the share consolidation, a capital reduction and a share subdivision will be implemented. This involves two steps: (i) the company will reduce its issued share capital by canceling HK$0.19 of the paid-up capital for each issued consolidated share at that time, which will reduce the par value of each issued consolidated share from HK$0.20 to HK$0.01; and (ii) immediately after the capital reduction, each authorized but unissued consolidated share with a par value of HK$0.20 will be subdivided into 20 new shares with a par value of HK$0.01 each.

Subject to and conditional upon the share consolidation becoming effective, the board lot size for trading on the Stock Exchange will be changed from 8,000 existing shares to 10,000 new shares.

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