Boto International Holdings is to consolidate its shares and change its name to complete a business transformation.
The company plans to combine every 25 existing shares into one share while adjusting the board lot size to 2,000 consolidated shares from 5,000 existing shares. Boto will be renamed IMI Global Holdings.
Boto said the changes would underscore the company's switch in focus last month from artificial Christmas tree making to the development of computer graphics animation. Boto retained 25 per cent of the festive products business after selling 75 per cent to United States private investor Carlyle Group in a controversial transaction last month.
Boto said yesterday it now owned 100 per cent of its animation development subsidiary Imagi Group after buying the 17.5 per cent stake it did not own.
Boto paid HK$2.3 million to Imagi chief operation officer Tang Tung-ming for the stake.
The price represented a 116.5 per cent premium to Imagi's consolidated net asset value of HK$1.06 million attributable to the stake at the end of March.