INFINITY DEV plans to conduct a share consolidation based on a "2 for 1" benchmark
INFINITY DEV announced plans to conduct a share consolidation, proposing to consolidate existing shares on a "2 for 1" basis to meet the minimum issuance price requirements for listing in Singapore. The company needs to obtain regulatory approval and meet all listing conditions. After the consolidation, the trading unit of shares will change from 4,000 shares per lot to 2,000 shares per lot
According to the announcement from Starry Development (00640), the company's board of directors has resolved to proceed with a listing in Singapore, subject to (including but not limited to) (i) approval from relevant regulatory authorities (including the Singapore Exchange); (ii) meeting all conditions required for the completion of the Singapore listing; and (iii) depending on the prevailing market atmosphere and conditions at the time of the Singapore listing. If the Singapore listing is realized, the company will be dual-listed on the main board of the Hong Kong Stock Exchange and the Catalist board of the Singapore Exchange.
According to the rules of the Catalist board, the issue price of shares offered for listing on the Singapore Exchange must not be less than SGD 0.20 (i.e., the minimum issue price). As of the date of this announcement, the closing price of each share on the Hong Kong Stock Exchange is HKD 1.22 (equivalent to SGD 0.198), which is below the minimum issue price. Therefore, the company proposes to consolidate every two existing issued and unissued shares into one consolidated share.
Currently, existing shares are traded on the Hong Kong Stock Exchange in lots of 4,000 shares. After the share consolidation takes effect, the trading lot size for the consolidated shares will change to 2,000 consolidated shares
