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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.