Summary by Moomoo AI
Alco Holdings announced that the company has completed the distribution of new shares on 8 March 2024, according to a previous announcement on 19 February 2024. The distribution was successfully distributed by the distribution agent at a price of HK$1.96 per share to no less than six independent third party professionals, institutions or other investors, representing approximately 16.67% of the issued share capital of the Company following its expansion. The distribution proceeds will total approximately HK$31.18 million, net of related expenses of approximately HK$30.05 million, to be used to repay bank and other borrowings, to settle external debts and as general operating capital. After the sale was completed, Toh Cheng Hock Kenneth's shareholding ratio decreased from 6.91% to 5.76%, while the new underwriters will hold 16.67% of the company's shares.