Konka Group Co., Ltd. announced that it expects to receive funding from Overseas Chinese Town Holdings Company
September 09, 2021
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Konka Group Co., Ltd. announced a private placement of common shares for CNY 5.95 per share on September 10, 2021. The total amount of funds raised shall not exceed 100% of the transaction price of the company’s purchase of assets by issuing shares in a related transaction, and the number of issued shares shall not exceed the company’s 30% of the former total equity. The transaction will include participation from returning investor Overseas Chinese Town Holdings Company. The transaction has been approved by the board of the directors in the 46th meeting of the company's 9th directorate and is still subject to approvals including completion of the relevant audit and evaluation of the transaction, company convening a board of directors meeting to review and approve the formal plan of the transaction, and the counterparty performs internal procedures to review the formal plan, the state-owned assets supervision and administration department approval, the shareholders' meeting of the company review and approves the transaction, review of the concentration of operators of the Anti-Monopoly Bureau of the State Administration for Market Regulation and The China Securities Regulatory Commission approval.
KONKA GROUP CO.,LTD is a China-based company principally engaged in the manufacture and sale of color televisions (TVs), mobile phones and white goods. The Company's color TV business mainly includes the domestic sale, overseas sale and Internet business of color TVs. The white goods of the Company consist of refrigerators, washing machines air conditioners and freezers, among others. The Company distributes its products in domestic market and to overseas markets, such as Asia Pacific, Middle East, Central and South America and East Europe.