Ocean Grand to hold special meeting Sept. 24 for share capital reduction vote

By Caroline Salls

Pittsburgh, Aug. 28 - Ocean Grand Chemicals Holdings Ltd. will hold a special general meeting on Sept. 24 to consider a special share capital reduction resolution related to the company's restructuring, according to a news release.

Specifically, Ocean Grand is looking to reduce its issued share capital to HK$497,900 from HK$49.79 million.

The proceeds from the reduction will be used to set off HK$480.55 million in losses accumulated by the company as of March 31.

In connection with the reduction, every 10 shares will be consolidated into one new share, which will reduce Ocean Grand's authorized share capital to HK$70 million from HK$100 million.

A total of 3 billion of the new shares will be re-designated as preference shares, according to the release.

Ocean Grand said it will reduce its share premium account to HK$450,000. The credit generated from this reduction will be used to pay for up to 45 million new shares to be distributed to creditors.

In addition, Ocean Grand is seeking approval to remove Yip Kim Po and Lin Jianping as executive directors.

Ocean Grand is a Hong Kong-based chemical company.

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