SHAREHOLDERS in shoe-maker Silver Eagle Holdings have approved a cut in the company's paid-up share capital to offset an outstanding loss of $300 million. The paid-up share capital is being trimmed by more than 90 per cent to $4.65 million from $88.3 million. After clearing that loss, accumulated in the past two years, the company said it would raise $10.9 million by issuing 23.5 million new shares to fund expansion. 'We want to aggressively expand our footwear retailing network in Hong Kong and China,' a company spokesman said. The company said it planned to add eight stores to its existing 12 by the end of the year. In China, it intended to expand from 12 stores to 30 in Beijing and Shanghai. 'We are considering setting up our sales counters in department stores,' the spokesman said. He said the company wanted to expand in other cities, including Guangzhou, Wuhan and Nanjing. Since last year, the company has streamlined by merging three plants and concentrating on its Shunde plant, the spokesman said. One analyst said the company could see a turnaround over the next year because of new management, the cessation of exports to the United States and the expansion of its distribution network. In December it announced an attributable loss of about $13.35 million for the six months to September.
