Shares of e-Kong Group were suspended in the afternoon session yesterday pending an announcement on a proposed capital reorganisation and a rights issue.
Shares of the Internet and telecommunications service provider fell to one HK cent, the lowest possible price on the main board. The Rick Siemens-controlled firm has lost 77.77 per cent year to date and has a market capitalisation of HK$47 million.
In the morning session, 1.97 million shares were traded on a turnover of HK$19,720. The company asked for a share suspension afterwards.
An e-Kong spokesman said its announcement was being cleared by the Securities and Futures Commission, which was expected to take four or five working days.
The firm raised HK$141 million in November last year, when it announced a two-for-one rights issue.
In the first half, e-Kong narrowed its losses by 78.52 per cent to HK$115.32 million.
