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China Development Financial units undergo capital reduction

China Development Financial Holding Corp. unit KGI Securities Co. Ltd. has reduced its capital by NT$5 billion, the parent company said in an announcement to creditors June 9.

Subject to regulatory approval, this will result in a cancellation of 500,000,000 shares, amounting to a reduction ratio of 14.29%, and a reduction of paid-in capital to NT$29.99 billion. KGI Securities subsidiary Richpoint Company Ltd. also saw its capital reduced by NT$2.5 billion.

China Development Financial shareholders approved the capital reduction exercises at a meeting the same day, the parent company said.

As of June 9, US$1 was equivalent to NT$30.10.