NEW CITY DEV suggests increasing the authorized share capital to 400 million yuan for more flexible fundraising

According to a report from the Economic Information Agency on the 5th, NEW CITY DEV announced that it plans to seek shareholder approval at a special general meeting through an ordinary resolution to increase the number of unissued shares by an additional 1.8 billion shares, raising its authorized share capital from HKD 40 million to HKD 400 million. The group stated that the board of directors recommends increasing the authorized share capital to support the group's growth and provide greater flexibility for future fundraising. The board believes this is in the overall interest of the group and its shareholders. The proposal is subject to shareholder approval. (wh)