Judge grants share-capital reductions

PUBLISHED : Wednesday, 15 July, 1998, 12:00am
UPDATED : Wednesday, 15 July, 1998, 12:00am

An application for a reduction of share capital lodged by Tian An China Investments, Sun Hung Kai & Co and Allied Properties (HK) was granted by a judge at the Court of First Instance yesterday.

Mrs Justice Doreen Le Pichon said the reason given for the capital reduction had been based on the economic climate.

'They [the directors of the three companies] consider the companies should place themselves in a position where they can get an injection of working capital when circumstances demand,' she said.