June 18 (Reuters) - Flyke International Holdings Ltd
 1998.HK :
    * AS PART OF RESTRUCTURING, CO PROPOSES TO IMPLEMENT CAPITAL
REORGANISATION
    * SHARE CONSOLIDATION INVOLVES CONSOLIDATION OF EVERY 2
EXISTING
ISSUED SHARES OF HK$0.10 EACH INTO 1 CONSOLIDATED SHARE OF
HK$0.20 EACH
    * PROPOSES APPOINTMENT OF HUAI AS AN EXECUTIVE DIRECTOR AND
CHAIRPERSON OF CO
    * EXPECTS MAJORITY OF EXISTING DIRECTORS WILL RESIGN FROM
BOARD
AFTER  RESTRUCTURING
    * AFTER  RESTRUCTURING, CO TO BUY BILLION FABULOUS HOLDINGS
WITH
LOAN OWED FROM HAOZE FINANCIAL & INDIVIDUAL
    * ACQUISITION CONSIDERATION FOR BILLION FABULOUS HOLDINGS
HK$843.7
MILLION
    * AFTER RESTRUCTURING, CO TO ISSUE 203.3 MILLION SHARES AT
ISSUE
PRICE HK$0.123/SHARE TO SOUTHERN GLOBAL HOLDINGS
    * AS PART OF RESTRUCTURING, CO TO IMPLEMENT SHARE OFFER OF
1.57
BILLION SO SHARES AT HK$0.123 PER SHARE
    * FLYKE INTERNATIONAL HOLDINGS EXPECTS CREDIT OF ABOUT
HK$77.2
MILLION TO ARISE FROM CAPITAL REDUCTION
    * NET PROCEEDS FROM SUBSCRIPTION, PUBLIC OFFER &
PREFERENTIAL
OFFER AMOUNTS TO ABOUT HK$65.91 MILLION

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS7Bpt9H
Further company coverage:  1998.HK 

 (Reuters.Briefs@thomsonreuters.com)