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GMG Global has proposed a share consolidation of every ten existing issued ordinary shares in the company, into a single consolidated share.
It is doing so to comply with the minimum trading price requirement of S$0.20 which the Monetary Authority of Singapore and Singapore Exchange Securities Trading Limited introduced with effect from March 2. GMG Global's share price has been trading between 5.5 cents and 8.1 cents in the last six months.
GMG Global said that the share consolidation is also intended to reduce the magnitude of volatility in its share price. The company also hopes that a higher trading price and net tangible assets per consolidated share will raise its profile and make its consolidated shares more attractive to investors.
The proposed share consolidation is subject to the approval of SGX and GMG's shareholders.