New City Development Group Limited (HK:0456) has released an update.
New City Development Group Limited has amended its deal to acquire 70 Concrete Mixing Transport Trucks for RMB12,011,520, issuing 17 million shares at a premium to fund the purchase. The transaction, completed under normal commercial terms after arm’s length negotiations, is considered by the Board to be in the company’s and shareholders’ interest. This deal alters the company’s shareholding structure, where the public ownership will decrease to 35.01% post-acquisition.
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