Weak trade sees Sun Hung Kai reduce nominal share value

PUBLISHED : Monday, 04 May, 1998, 12:00am
UPDATED : Monday, 04 May, 1998, 12:00am

Sun Hung Kai & Co is proposing to reduce the face value of its shares to 20 cents from $1 because its trading price has been hovering at levels below the original face value. This is not allowed under the Companies Ordinance. The move would generate a surplus of $930.02 million which will be booked in the company's capital reserve account. The firm said the move would not affect its businesses, shareholders' interests and financial strength. Its shares closed at 83 cents on Friday.