ECI Technology Holdings Ltd. announced a change in the use of proceeds from its initial public offering. In a recent update, the company stated that the Board has resolved to reallocate the remaining net proceeds to better align with current market conditions and business strategies. Specifically, the remaining HK$3.5 million initially intended for obtaining additional licenses and qualifications will be reallocated. The company has already utilized HK$1.6 million for expanding its existing ELV solutions business and HK$8 million for reducing its gearing ratio by repaying certain bank borrowings. The Board believes that these changes are in the best interest of the company and its shareholders, enabling more effective deployment of financial resources to enhance profitability.
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