Media Asia Group Holdings Limited announced that it expects to receive HKD 100 million in funding
Media Asia Group Holdings Limited announced that it has entered into the subscription agreement with THL G Limited to issue an aggregate of 83,333,333 shares at a price of HKD 1.20 per share for gross proceeds of HKD 99,999,999.6 on June 4, 2021. After the closing of tranche A, THL G Limited will own 1.62% stake in the company and after the closing of Tranche B, THL G Limited will own 2.96% stake in the company. The shares will be issued in two tranches. The tranche A will consist of 42,721,136 shares and closing will take place on the tenth Business Day after the fulfilment and tranche B will consist of 40,612,197 shares and closing will take place on the tenth Business Day after the fulfilment. The transaction is subject for a lock-up period of three months from the Tranche A Closing date and for a period of three months from the Tranche B Closing date. The Tranche A subscription shares will be allotted and issued under the General Mandate. Accordingly, the allotment and issue of the tranche A subscription shares will not be subject to Shareholders’ approval.