Wanjia Group (00401) plans to increase authorized share capital and issue shares according to the “1 for 1” basis

According to the Zhitong Finance App, Wanjia Group (00401) issued an announcement. The board of directors proposed to seek approval from shareholders at the special shareholders' meeting to increase the company's authorized share capital from HK$50 million (split into 1 billion shares) to HK$100 million (split into 2 billion shares) through the addition of an additional 1 billion unissued shares from shareholders.

After the increase in the authorized share capital came into effect and approved by independent shareholders at the special shareholders' meeting, the company proposed to implement the share offering based on the benchmark of issuing 1 share at a subscription price of HK$0.08 per share held on the record date, by issuing no less than 560 million shares and no more than 641 million shares to raise no less than HK$4.82 million before deducting expenses (assuming there is no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming no change in the number of shares issued on or before the record date), and no more than HK$51.28 million (assuming The share option holder has not yet been fully exercised 807.93 million new shares have been allocated and issued after the exercise of share options).

The estimated net proceeds from the share offering will be no less than HK$40.82 million (assuming no change in the number of shares issued on or before the record date), and not more than HK$47.28 million (assuming that 807.93 million new shares have been allocated and issued after all share option holders have exercised their unexercised share options on or before the record date). The company intends to use the net proceeds from the share offering for the following purposes: (i) to develop the existing pharmaceutical wholesale and distribution business and hemodialysis treatment and consulting services business and for other potential investment opportunities related to the medical and health care sector when opportunities arise; (ii) to partially settle the Group's trade and other payables of approximately HK$5 million and to repay amounts due to one director and accrued interest of approximately HK$8.5 million; (iii) for the general working capital of the Group (including but not limited to payment of salaries, rent expenses, professional expenses and/or other company expenses).