$ZHEJIANGEXPRESS (00576.HK)$ Zhejiang Expressway also announ...
$ZHEJIANGEXPRESS(00576.HK$ Zhejiang Expressway also announces dividend policy to raise up to 6.5 billion yuan through shareholder allotment
2023.05.24 10:00
An expressway operator under the Zhejiang Provincial Government, Zhejiang Expressway (00576.HK) announced plans to raise a maximum of 6.5 billion yuan through shareholder allotment shares for H shares and domestic shares after the major closing on the 23rd. The maximum allotment ratio is 3.8 shares per 10 shares. Implementation requires approval at a general shareholders' meeting and approval by the China Securities Regulatory Commission (CSRC).
The allocation price is set by referring to indices such as stock prices, PBR, and PER on the open market. The funds raised will be used for expressway expansion work, working capital, loan repayment, etc. Note, overseas shareholders residing outside of Hong Kong may not be eligible for shareholder allotment due to restrictions stipulated by local laws and regulations.
Along with the capital increase plan, the 2023-25 dividend policy was announced. When capital increases are implemented, the policy is to set the dividend amount for 2023-25 to 75% or more of disposable profit (Chinese accounting standards or Hong Kong accounting standards, whichever is lower).
2023.05.24 10:00
An expressway operator under the Zhejiang Provincial Government, Zhejiang Expressway (00576.HK) announced plans to raise a maximum of 6.5 billion yuan through shareholder allotment shares for H shares and domestic shares after the major closing on the 23rd. The maximum allotment ratio is 3.8 shares per 10 shares. Implementation requires approval at a general shareholders' meeting and approval by the China Securities Regulatory Commission (CSRC).
The allocation price is set by referring to indices such as stock prices, PBR, and PER on the open market. The funds raised will be used for expressway expansion work, working capital, loan repayment, etc. Note, overseas shareholders residing outside of Hong Kong may not be eligible for shareholder allotment due to restrictions stipulated by local laws and regulations.
Along with the capital increase plan, the 2023-25 dividend policy was announced. When capital increases are implemented, the policy is to set the dividend amount for 2023-25 to 75% or more of disposable profit (Chinese accounting standards or Hong Kong accounting standards, whichever is lower).
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