COFCO Joycome Foods (HKG:1610) plans to merge with its wholly owned subsidiary, Zhuo Mao, with the company to continue as the surviving entity, according to a Thursday filing with the Hong Kong bourse.
The merger would cancel Zhuo Mao's shares without consideration and transfer all of its assets and liabilities to COFCO Joycome.
No new shares will be issued, and the company's existing shares, listing and shareholder rights will remain unchanged.
The company said the internal reorganization is intended to simplify its corporate structure, reduce administrative and maintenance costs, and improve management efficiency.
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