On September 16th, Gary Ngai Holdings (00526.HK) announced that on September 15, 2024, the company entered into a subscription agreement with Manukura (CMCI) Limited (as the subscriber). Accordingly, the company has conditionally agreed to issue and allot shares to the subscriber in accordance with the general mandate, and the subscriber has conditionally agreed to subscribe for a total of 0.8 billion shares at a subscription price of HKD 0.076 per share.

The subscription shares represent approximately 9.95% of the company's existing issued share capital as of the date of this announcement, and approximately 9.05% of the enlarged issued share capital after the issuance and allotment of all the subscription shares. The subscription price of HKD 0.076 per share represents a premium of approximately 1.33% over the closing price of HKD 0.075 per share on September 13, 2024, the last trading day prior to the date of the subscription agreement.

Assuming all the subscription shares are fully subscribed, the total proceeds from the subscription would be HKD 60.8 million. The net proceeds from the subscription would be approximately HKD 60.45 million, equivalent to a net subscription price of approximately HKD 0.07556 per share. The company intends to use the net proceeds as general working capital for the group and to provide funding for potential cooperation, acquisitions, or investment opportunities that may arise from time to time.