China Molybdenum to cancel shares, reduce capital by $14.6m

China Molybdenum Co., Ltd. (CMOC, SSE:603993) announced plans to cancel 104,930,443 A-shares repurchased by the company, which will reduce the company's total share capital from 21,499,240,619 to 21,394,310,176. The cancellation of the shares, repurchased over multiple phases, aims to increase shareholder returns and boost investor confidence, according to the company. The decision was made at the seventh session of the fourth meeting of the seventh board of directors and the fifth meeting of the seventh board of supervisors.