The Place Holdings clears regulatory hurdle for proposed share consolidation

Tay Peck Gek

Published Wed, Mar 17, 2021 · 10:31 PM

THE Place Holdings has obtained the green light for a proposed share consolidation, subject to shareholders' approval at the upcoming extraordinary general meeting, the company said in a statement on Wednesday.

The company, with core businesses in property development and property management activities, cultural tourism and integrated media platform, has proposed that each shareholder should receive one consolidated share for every five existing shares.

The consolidated shares, however, will be rounded down to the nearest whole number if the consolidation results in a shareholder's number of consolidated shares in fractions. Currently, it has 5,880,654,539 ordinary shares that would be consolidated into 1,176,130,902 shares.

Its directors said that the proposed share consolidation can facilitate future possible corporate actions of the company, and it is currently engaging in various talks on opportunities and projects. However, it is uncertain that such talks would translate into any definitive developments.

The counter dropped 0.83 per cent to S$0.12 at the Wednesday close, before the in-principle approval given by the bourse operator was announced.