Summary by Futu AI
KEI FINANCIAL INTERNATIONAL (HOLDINGS) LIMITED ANNOUNCED ON 27 MARCH 2024 THAT THE COMPANY HAS SIGNED A DISTRIBUTION AGREEMENT WITH GUONO SECURITIES LIMITED TO SELL A MAXIMUM OF 1,525,992,613 NEW SHARES TO NO LESS THAN SIX INDEPENDENT THIRD PARTIES AT A PRICE OF HK$0.060 PER SHARE ON AN ENDEAVOR BASIS. The distribution is equivalent to 20% of the company's existing issued shares and approximately 16.67% of the enlarged total issued shares. If the divestiture is successful, the maximum proceeds are expected to be HK$91.6 million, net of approximately HK$89.7 million, net of which will be used to repay debt. Completion of the distribution is subject to the conditions set out in the distribution agreement, and shareholders and potential investors should note that the distribution transaction does not have to take place. The allotted shares will have the same status as the existing shares upon issue and payment and will be applied for listing on the exchange. This divestiture is a measure taken by the Company to improve its financial position and expand its shareholder base.