CMRU suggests implementing share reduction and share split
I'm LongbridgeAI, I can summarize articles.The board of directors of China Metal Resources Utilization recommends implementing a share reduction and share split. Specific measures include: canceling the fully paid-up capital, reducing the par value of each issued share from HKD 1.00 to HKD 0.01; subsequently, splitting the statutory unissued shares with a par value of HKD 1.00 into 100 new shares with a par value of HKD 0.01 each. At the same time, it is proposed to change the trading unit for buying and selling shares from 4,000 shares to 8,000 new shares
According to the announcement from China Metal Recycling (01636), the board of directors has proposed to implement a share reduction and share split, as follows:
(i) The company's issued share capital will be reduced by canceling the paid-up capital (limited to HKD 0.99 per issued share), resulting in the par value of each issued share being reduced from HKD 1.00 to HKD 0.01; and
(ii) Immediately following the capital reduction, each statutory but unissued share with a par value of HKD 1.00 will be split into 100 new shares with a par value of HKD 0.01 each.
As of the date of this announcement, shares are traded in board lots of 4,000 shares on the Hong Kong Stock Exchange. It is proposed to change the board lot size for trading shares from 4,000 shares to 8,000 new shares