12
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Friday, March 2, 1973
MINIMUM PAID UP CAPITAL SET
For Purpose Of Public Offer Or Placement
At their meeting held yesterday, the Securities Advisory Council proposed to the Financial Secretary that as from today, companies whose shares are to be offered publicly should have a minimum paid up capital of $50 million, and those companies for which there is to be a placement
should have a minimum paid up capital of $20 million.
In each case the figure of paid up capital should include any
capital to be issued for the purpose of the public offer or placement.
The Financial Secretary accepted these proposals and the Commissioner
for Securities spoke accordingly to the Chairmen of the four stock exchanges
this afternoon.
The provisions previously announced relating to the minimum proportion
of share capital to be made available will therefore be simplified as
follows:-
Public Offers
25 per cent of paid up share capital.
Placements
paid up share capital
proportion
$20 m. and up to $25 m.
40 per cent
$25 m.
TI
11 $30 m.
35 per cent
$30 m.
" $35 m.
30 per cent
#35 . and over.
25 per cent
0
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