Country Garden Issues New Shares to Settle US$9 Million AHG Work Fees
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Country Garden Holdings (HK:2007) has approved the issuance of 219,375,000 new shares at HKD0.32 each to settle US$9 million in fees owed to the Ad Hoc Group of creditors. This share issuance, representing about 0.51% of existing share capital, replaces a previous plan with a higher price. The move aims to facilitate the company's debt restructuring process, although it results in modest shareholder dilution. The latest analyst rating for the stock is a Sell with a price target of HK$0.28.
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