Silkwave Inc (00471.HK) announced that the board of directors recommended to implement stock consolidation and intends to merge 20 shares into 1 share.
Following the effective date of the stock consolidation, the board of directors recommends to carry out capital reduction and share subdivision, according to which: (i) the company will reduce the issued share capital by canceling the paid-up share capital based on the merged share capital of HKD 3.99 per share, resulting in the face value of each issued merged share being reduced from HKD 4.00 to HKD 0.01 per share; and (ii) following the capital reduction, each statutory unissued merged share with a face value of HKD 4.00 per share will be subdivided into four hundred (400) new shares with a face value of HKD 0.01 per share.
