Nippon Denko (TYO:5563) said its board resolved to seek shareholder approval to reduce legal capital surplus by 12 billion yen at its annual general meeting on March 27, according to a Thursday filing on the Tokyo Stock Exchange.
The company plans to lower capital surplus to 5.03 billion yen from 17.03 billion yen and transfer the reduced amount to other capital surplus to allow greater flexibility in capital policy.
The move, subject to shareholder approval and creditor procedures, is scheduled to take effect on May 18.
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