Hengtai (00197) proposed to implement a share capital restructuring

Zhitong Finance App News, Heng Tai (00197) announced that the board of directors proposed a share capital restructuring involving share consolidation, share capital reduction, share subdivision, and offsetting cumulative losses.

Share consolidation: The issued and unissued existing shares with a face value of HK$0.10 per 20 shares will be consolidated into 1 consolidated share with a face value of HK$2.00 per share.

Share capital reduction: After the share merger comes into effect, any fragmented consolidated shares arising from the company's issued share capital due to the share merger will be cancelled; and the face value of each issued consolidated share will be reduced from HK$2.00 to HK$0.01 through cancellation of the company's paid up share capital (limited to HK$1.99 per issued consolidated share).

Share breakdown: Following the share capital reduction taking effect, the unissued consolidated shares with a face value of HK$2.00 per share in the company's authorized share capital will be split into 200 new shares with a face value of HK$0.01 per share.

Offset accrued losses: Proceeds arising from reduction in share capital will be transferred to the company's reserve account and used by the company in such manner as the directors deem appropriate and permitted by the Memorandum and Rules of Association and all applicable laws, including but not limited to the exclusion and offset of any accumulated losses from time to time.