Xinneng Low Carbon (00145) issued an announcement. The board of directors recommended implementing the share consolidation on the basis of merging every 10 existing shares in the company's share capital into 1 consolidated share.
After the share merger comes into effect, the current trading unit's 8,000 shares will remain unchanged.
The company proposes to issue a maximum of 56.514,200 shares of the offering at a subscription price of HK$0.35 per share of the offered share on the record date (assuming that no further shares have been issued or repurchased on or before the record date) to raise up to about HK$1.78 million in total proceeds.
After deducting estimated expenses relating to the share offering, the estimated net proceeds from the share offering would be approximately HK$17.4 million.