FBS Global approved a 1-for-10 consolidation of its ordinary shares, reducing authorized shares from 500,000,000 to 50,000,000. The authorized Share Capital stays at US$500,000, while the Par Value per resulting share becomes US$0.01, giving investors the approved capital-structure change and its immediate share-denomination effect.

Key Highlights

  • 8,919,460 ordinary shares, representing 66.07% of those entitled to vote, were present in person or by proxy.
  • The resolution received 8,919,460 votes for, with zero votes against and zero abstentions.
  • Authorized shares will be reduced from 500,000,000 to 50,000,000, while authorized share capital remains US$500,000.

FBS Global Ltd (NASDAQ: FBGL) shareholders approved a 1-for-10 share consolidation, under which every ten existing ordinary shares become one share. The approved measure applies to issued and unissued shares and changes the par value of the resulting shares to US$0.01 from US$0.001.

66.07% Shareholder Quorum Supported Resolution

At the September 2 record date, 13,500,000 ordinary shares were issued and outstanding, with each share carrying one vote on matters presented at the extraordinary meeting. A total of 8,919,460 shares were represented in person or through valid proxies, forming a quorum equal to 66.07% of voting shares. The resolution passed with 8,919,460 votes for, zero against and zero abstentions. The consolidation covers every ten existing shares, whether issued or unissued, and replaces them with one share.

US$500,000 Capital Remains Unchanged

Authorized share capital remains US$500,000 after the consolidation. The approved terms therefore change the number and denomination of authorized shares without changing the authorized capital amount.