Guan Chao Holdings Limited (HK:1872) has released an update.
Guan Chao Holdings Limited announced a conditional agreement to allot and issue 18 million new shares at HK$0.63 each to a subscribing party, under the company’s General Mandate after trading hours on May 27, 2024. This issuance represents a significant 20% of the post-consolidation issued share capital and is expected to raise net proceeds of approximately HK$11.24 million. The funds are intended to expand the company’s motor vehicle portfolio to increase inventory and market reach.
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