Wanxing Holdings (08093) issued an announcement. On March 11, 2024, the company signed a subscription agreement with the subscriber,...
According to Zhitong Finance App News, Wanxing Holdings (08093) issued an announcement. On March 11, 2024, the company signed a subscription agreement with the subscriber. According to the terms and conditions contained in the subscription agreement, the subscriber has conditionally agreed to subscribe, and the company has already agreed to allocate and issue 102 million subscription shares. The subscription price is HK$0.125 per subscription share.
The number of subscribed shares is equivalent to approximately 14.78% of the total number of issued shares expanded through allotment and issuance of subscribed shares immediately after the subscription was completed (assuming that there was no other change in the company's issued share capital between the date of this announcement and the date of completion). The subscription price of HK$0.125 per subscription share is approximately 10.71% off the closing price of HK$0.140 per share as reported on the Stock Exchange on March 11.
According to the announcement, it is estimated that the net proceeds from the issuance of subscribed shares will be approximately HK$12.6 million. The Company intends to use the net proceeds for future business development, loan repayment and general working capital for the Group.