Corporate GovernanceJul 31, 2026, 06:12 AM
Masonglory Shareholders Approve 8-for-1 Reverse Split, Dual-Class Shares
AI Summary
Masonglory Limited shareholders approved an 8-for-1 share consolidation at an Extraordinary General Meeting. Immediately following this, shares will be reclassified into Class A (one vote per share) and Class B (fifty votes per share). Fung & Tun Limited's shares will be re-designated as Class B shares. These changes, along with new Memorandum and Articles of Association, will take effect by August 31, 2026, as determined by the board.
Key Highlights
- Shareholders approved an 8-for-1 share consolidation (reverse stock split).
- Shares will be reclassified into Class A (1 vote) and Class B (50 votes).
- Fung & Tun Limited's 682,500 shares will be re-designated as Class B shares.
- New Memorandum and Articles of Association were approved and adopted.
- Effective date for changes to be determined by board, no later than August 31, 2026.
- 62.29% of outstanding shares were represented at the EGM.
- Share consolidation resolution passed with 10,552,195 'For' votes.
- Reclassification resolution passed with 10,538,866 'For' votes.
Price Impact
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