by Zacki Jabbar

York Arcade Holdings has reduced its share capital from Rs.120 million to Rs 60 million on a special resolution approved by its shareholders at an Extra Ordinary General Meeting of the company held recently.

In terms of the Capital Reduction scheme twelve million ten rupee shares have been reduced to 60 million five rupee shares with a capital repayment of five rupees per share.

Earlier this week shareholders received the first of five instalments of one rupee per share.

The Company has informed shareholders that it intends paying the second instalment on December 1, 2000 and the remaining instalments on December 1, each year thereafter.

Following the approval of shareholders the company sought and obtained from the Colombo District Court an order confirming the reduction of the issued share capital under provisions of Section 68 of the Companies Act No 17 of 1982.

The order and minute approved by the Court was registered with the Registrar of Companies and took effect from December 5, this month informed sources said.