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Foxconn Approves Nearly $12Million Capital Reduction via Offshore Far East Holding Unit

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Hon Hai Precision Industry (TPE:2317), also known as Foxconn, will carry out a capital reduction in kind via its unit Foxconn (Far East), cancelling $11.6 million in share capital, according to a Thursday Taiwan Exchange filing.

Shares gained 1% in Friday's midday trade.

The change is intended to optimize its corporate structure and will result in the cancellation of shares representing 0.22% of its total capital, the filing said.

Following the adjustment, Foxconn's paid-up capital will stand at $5.16 billion, it said.

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