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Daikyo to seek shareholder approval for share consolidation

Daikyo Inc. is seeking approval to change the number of company shares constituting one full unit of stock to 100 from 1,000, effective Oct. 1.

The company plans to consolidate every 10 shares into one share to maintain the level of the investment unit of its shares. The consolidation will take place Oct. 1 for shares held by holders on record as of Sept. 30.

Following the consolidation, the number of common shares and Class 1 preferred shares will fall to 84,354,273 and one million, from 843,542,737 and 10 million as of March 31, respectively. The number of issuable shares will be reduced to 116,240,000, the company said in a release.

Daikyo will seek shareholder approval for the change in an ordinary general meeting scheduled June 22.