SoftMedx Healthcare (HKG:0648) said its board proposed a share consolidation on the basis of 1 consolidated share for every 20 existing share in issue, according to a Hong Kong bourse filing Friday.
Shares of the medical and healthcare business fell over 9% in morning trade Monday.
The company plans to call a meeting of shareholders to seek approval for the plan.
If approved, the move will reduce the company's share in issue from 2.14 billion existing shares to 107.1 million consolidated shares.
The consolidation is planned for completion on May 19 and is intended to make investing in the company's shares more attractive to a broader range of investors.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.