China Metal Utilization (01636) proposes to implement share reduction and share splitting

Zhitong Finance App News, China Metal Utilization (01636) announced that the board of directors proposed implementing share reductions and share segmentation. Based on this:

(i) The issued share capital of the company will be reduced by cancelling the fully paid share capital (up to the cancellation of HK$0.99 per issued share), which will reduce the face value of each then issued share from HK$1.00 to HK$0.01; and

(ii) Following the reduction in share capital, each statutory but unissued share with a face value of HK$1.00 will be split into 100 new shares with a face value of HK$0.01 per share.

On the date of this announcement, shares were traded on the Hong Kong Stock Exchange with 4,000 shares per trading unit. It is proposed to change the trading unit for each lot of shares traded from 4,000 shares to 8,000 new shares.