Zhuguang Holdings Group Co., Ltd. (HK:1176) has released an update.
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Zhuguang Holdings Group Co., Ltd. has entered into a subscription agreement where the subscriber will acquire 1,625,000,000 new shares, representing approximately 18.36% of the enlarged issued share capital, at a price of HK$0.20 per share, amounting to HK$325,000,000 paid through capitalisation. This transaction, which is considered a connected transaction due to the subscriber’s significant ownership and executive board member involvement, requires approval from independent shareholders. The company is set to seek this approval at an upcoming Special General Meeting (SGM), where the major shareholder will abstain from voting.
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