OKP Reduces Capital in Associated Company

MT Newswires

Sep 04

OKP's (SGX:5CF) capital in associated company, Chong Kuo Development was reduced after the latter increased its share capital to SG$4.7 million through a bonus issue, according to a Wednesday filing with the Singapore Exchange.

Shares of the company were down nearly 1% in Thursday trading.

Following the bonus issue, the company's share capital was reduced to SG$100, comprising 1,000 shares, with a total sum of SG$4.7 million returned to the shareholders.

The company's wholly owned subsidiary, OKP Land, continues to hold a 22.5% stake in the associated company and will received around SG$1.1 million in returned capital from Chong Kuo.

The associated company will be liquidated in due course and currently has no operations.

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