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HONG KONG - Skyline Builders Group Holding Limited (NASDAQ:SKBL), a Hong Kong-based civil engineering services provider currently trading at $0.44 and down over 95% in the past six months, announced Monday that its Board of Directors has approved a proposal to consolidate the company’s shares.
The share consolidation plan, which requires shareholder approval at an upcoming extraordinary general meeting, would combine ten ordinary shares into one. The board retains discretion to adjust the ratio to a lesser number, but not fewer than two shares into one. According to InvestingPro data, the company operates with a significant debt burden, with a debt-to-equity ratio of 1.42.
If approved by shareholders, the board will determine the final consolidation ratio and effective date, with implementation to occur within one year of obtaining approval. No fractional shares will be issued, with any fractional shares rounded up to the nearest whole share.
The consolidated shares will maintain the same rights and restrictions as existing shares, with only the par value changing. Any changes to the company’s trading symbol or CUSIP number on the NASDAQ Capital Market would be announced separately.
Skyline Builders Group operates as an Approved Public Works Contractor in Hong Kong, primarily undertaking roads and drainage projects. The company serves as both a subcontractor and main contractor for civil engineering works in public infrastructure and private residential and commercial developments. Financial analysis from InvestingPro reveals concerning metrics, including weak gross margins of 6.34% and negative free cash flow, with 10+ additional insights available to subscribers.
The announcement was made in a press release statement from the company.
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