New City Development (HKG:0456) agreed to issue 21 million shares to Wang Jiakang at HK$0.325 apiece to raise net proceeds of a little over HK$6.8 million, a Jan. 17 bourse filing said.
The shares represent roughly 15.19% of the firm's enlarged issued share capital.
The property developer will use proceeds from the issue for general working capital.
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