[ET Net News Agency, 22 July 2019] Great China Properties Holdings Limited (00021) said
a placing agent has conditionally agreed, as agent of the company, to procure on a best
effort basis to not less than six placees to subscribe for up to 662.54 million placing
shares at the placing price of HK$0.12 per placing share
The maximum of 662.54 million placing shares represents 16.67% of the issued share
capital of the company as enlarged by the allotment and issue of all the placing shares.
The placing price of HK$0.12 per placing share represents a discount of approximately 20%
to the closing price of HK$0.150 per share on the last trading day.
Assuming all the placing shares are fully placed, the gross proceeds from the placing
will be approximately HK$79.5 million. The net proceeds, after deduction of all relevant
expenses, are estimated to be HK$76.3 million.
The net proceeds are intended to be used as the general working capital, for any
possible business development or investment of the group when appropriate opportunities
arise and for settlement of shareholders' loan. (RC)