THE directors of battery maker Golden Power International say a major shareholder placed 20 million shares with independent investors to reduce the share capital under its control. Forever Gain Investment made the move to comply with the stock exchange's 25 per cent rule. Forever Gain had further agreed to subscribe to 10 million new shares in the company with a face value of 10 cents for $1.09 each. Forever Gain said last night that after the placing, but prior to the subscription offer, it had reduced the amount of existing issued share capital owned from 61.48 to 50.35 per cent. After the subscription offer on the existing shares, Forever Gain said it had reduced the percentage of its holdings further to just slightly more than 52 per cent. Upon completion of the placing and the issue and allotment of new shares, Forever Gain would have reduced its holding to 15.82 per cent, it said.