Fuxin China (SGX:AWK) reduced its issued and paid-up share capital by SG$87.1 million as part of the company's proposed capital reorganization, according to a filing with the Singapore Exchange on Thursday.
The company's issued and paid-up capital will be reduced through the cancellation of SG$4.98 on each of the shares. This will reduce the par value of its shares from SG$5.0 to SG$2.0 per share.
Additionally, the share premium account is expected to be reduced from SG$53.6 million to zero following the cancellation of the sum standing to the credit of the share premium account.
Shares of the company surged nearly 28% in recent trading.
Price (SGD): S$0.34, Change: S$+0.075, Percent Change: +28.85%
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