ThreeSixty Sourcing obtains order from Hong Kong High Court confirming reduction of its Share Premium Account from approximately US$52.8 million to approximately US$2.8 million
Clients ThreeSixty Sourcing Ltd.
Jones Day acted for ThreeSixty Sourcing Ltd. in its capital reduction application and successfully obtained an order from the Hong Kong High Court confirming the reduction of its Share Premium Account from approximately US$52.8 million to approximately US$2.8 million. The amount of the credit arising from the capital reduction was applied to write off ThreeSixty Sourcing's accumulated losses, thus enabling, among other things, the payment of dividends by the company as and when its board considers it appropriate to do so in the future.
ThreeSixty Sourcing Ltd., a company incorporated in Hong Kong, is a leading global sourcing firm specializing in sourcing products for the consumer and commercial hard goods sectors.
HCMP 2473 / 2010