Asia Allied Infrastructure Holdings (00711.HK) and Modern Living Investments Holdings (08426.HK) announced that Junhe Overseas (a wholly-owned subsidiary of Asia Allied Infrastructure and major shareholder of Modern Living) has signed a placement agreement with the placement agent on July 30, 2024. Under this agreement, the placement agent agrees to place at least 0.168 billion shares of the placement shares (equivalent to 21% of the issued shares of Modern Living) owned by Junhe Overseas to no less than six placing agents at a placement price of HKD 0.30 per share according to the committed benchmark. The placement price of HKD 0.30 per share is approximately 14.29% discount to the closing market price of HKD 0.35 per share of Modern Living reported by the HKEX on March 26, 2024 (the deadline for the share offer and the last trading day before the suspension of trading in the morning of March 27, 2024).
After completion, the public shareholding of Modern Living will be approximately 25.04%, which is higher than the minimum public shareholding of 25% stipulated in the GEM listing rules. When Junhe Overseas notifies the completion of the placement and Modern Living's public shareholding has been restored to the minimum of 25%, Modern Living will apply to the HKEX for resumption of trading in GEM.
Modern Living is a registered limited company in the Cayman Islands that has issued ordinary shares for listing on GEM (stock code: 08426). It mainly provides property management services, mainly focusing on public housing and subsidized housing in Hong Kong.
