Summary by Futu AI
Balk 1798 GP (Stock Code: 01010) announced that the proposed rights issue and placing agreement for the development and expansion of the group's yacht business has been terminated and will expire on June 4, 2024. The decision was made based on further evaluation of the proposed acquisition and proposed projects, taking into account uncertainties and lengthy construction periods. The board of directors believes that continuing with the agreement is not in the best interests of the company and shareholders. Therefore, the company does not urgently need to issue rights and will continue to operate its yacht business in the existing production facilities in Hainan, China. In the future, the group will explore other investment opportunities to expand its business. The board of directors has notified the placing agent that the placing agreement has lapsed, and reminds shareholders and potential investors to act prudently when buying and selling shares. The announcement was made on June 4, 2024, by executive director Li Weina on behalf of the board of directors.
