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New City Development Group Limited ( (HK:0456) ) just unveiled an announcement.
New City Development Group Limited has disclosed that joint and several receivers and managers, including Lai Wing Lun and Osman Mohammed Arab, have been appointed over 86,485,742 of its shares, representing about 46.35% of its issued share capital, under security deeds relating to charged securities. The receivers now hold wide-ranging rights over these shares, including the ability to take over, register, assign nominees for control, receive dividends and potentially sell the stake, and any enforcement action could trigger a change in control of the company; while the board says operations remain normal, the company is seeking legal advice and has urged shareholders and potential investors to exercise caution given the uncertainty over how the receivers will proceed.
The most recent analyst rating on (HK:0456) stock is a Sell with a HK$0.50 price target. To see the full list of analyst forecasts on New City Development Group Limited stock, see the HK:0456 Stock Forecast page.
More about New City Development Group Limited
New City Development Group Limited is a Hong Kong-listed company incorporated in the Cayman Islands, with its shares traded on the Main Board of the Stock Exchange of Hong Kong under stock code 0456. The group is overseen by a board comprising two executive directors and five independent non-executive directors, and it reports that senior management and business operations are currently functioning normally.
Average Trading Volume: 78,275
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$91.42M
Learn more about 0456 stock on TipRanks’ Stock Analysis page.