Silkwave (HKG:0471) said that its share consolidation, on the basis that every 20 issued and unissued shares of par value of HK$0.20 each to be consolidated into one consolidated share of HK$4.00 each, will become effective on Thursday, Oct. 10, a Wednesday filing with the Hong Kong bourse said.
The company had proposed the share consolidation, capital reduction of consolidated issued shares, and sub-division of unissued consolidated shares on Aug. 8. All the proposals were approved in the company's extraordinary general meeting on Tuesday, Oct. 8.
The satellite infotainment technology and services provider's shares closed nearly 14% lower on Thursday.
Price (HKD): $0.04, Change: $-0.0060, Percent Change: -13.64%
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