Summary by Futu AI
HUNG SHENG CHANG RESOURCES GROUP LIMITED (THE “COMPANY”) ANNOUNCED ON 17 APRIL 2024 THAT IT HAS ENTERED INTO A DISTRIBUTION AGREEMENT WITH MATRIX SECURITIES LIMITED (THE “DISTRIBUTION AGENTS”) TO DISTRIBUTE A MAXIMUM OF 28,800,000 SHARES OF NEW SHARES AT HK$0.56 PER SHARE. The Company's shares were suspended at 9:00 a.m. on April 18, 2024 pending the publication of a supplemental announcement. On the same day, the company and the distribution agent revised the distribution price to HK$0.63 per share. The total amount of HK$18,144,000 and a net amount of HK$17,444,000 were expected to be raised if all the shares were distributed. The net proceeds will be used to repay shareholder loans, business expansion and general working capital. Upon completion of the divestiture, it is...Show More