| No. | 3 | Date | 2020/11/16 | Time | 18:46:42 |
|---|---|---|---|---|---|
| Subject | On behalf of major subsidiaries Hon Chuan Food Packing (Zhangzhou) Co., Ltd. and Kai Gang Industries Limited to announce cash capital reduction | ||||
| Date of events | 2020/11/16 | To which item it meets | paragraph 11 | ||
| Explanation | 1.Date of the board of directors resolution:2020/11/16 2.Reason for capital reduction: In order to fully use group capital and improve the use efficiency, Hon Chuan Food Packing (Zhangzhou) Co., Ltd. transacts the capital reduction of USD 10,000,000 and returns to its parent company Kai Gang Industries Limited, and then Kai Gang Industries Limited transacts the capital reduction of USD 10,000,000 and returns to its parent company Hon Chuan (China) Holdings Co., Ltd., so as to reach an optimum allocation of capital. 3.Amount of capital reduction: (1)Hon Chuan Food Packing (Zhangzhou) Co., Ltd. USD 10,000,000 (2)Kai Gang Industries Limited USD 10,000,000 4.Cancelled shares: (1)Hon Chuan Food Packing (Zhangzhou) Co., Ltd. NA (2)Kai Gang Industries Limited 78,494,490 shares 5.Capital reduction percentage: (1)Hon Chuan Food Packing (Zhangzhou) Co., Ltd. 25% (2)Kai Gang Industries Limited 6.52% 6.Share capital after capital reduction: (1)Hon Chuan Food Packing (Zhangzhou) Co., Ltd. USD 30,000,000 (2)Kai Gang Industries Limited USD 143,462,424.24 7.Scheduled date of the shareholders meeting:N/A 8.Estimated no.of listed common shares after issuance of new shares upon capital reduction:N/A 9.Estimated ratio of listed common shares after issuance of new shares upon capital reduction to outstanding common shares:N/A 10.Please explain any countermeasures for lower circulation in shareholding if the aforesaid estimated no.of listed common shares upon capital reduction does not reach 60 million and the percentage does not reach 25%:N/A 11.The record date for capital reduction:N/A 12.Any other matters that need to be specified:No |
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