Tian An eyes value adjustment

PUBLISHED : Thursday, 30 April, 1998, 12:00am
UPDATED : Thursday, 30 April, 1998, 12:00am

Tian An China Investments plans to put forward a proposal to adjust the normal value of its shares to facilitate any possible capital raising in the future. The company said it would cancel paid-up capital to the extent of 80 cents on each share and reduce the normal value of all issued and un-issued shares to 20 cents each from $1 each. It said Tian An shares have been traded below their normal value of $1 each in the range from 19.2 cents to 92 cents since October 8. Under the companies ordinance, a company may not issue shares at a discount to the normal value of such shares. No capital would be lost as a result of the adjustment proposal, it said.