Hong Kong ChaoShang Shareholders to Vote Oct. 10 on Name Change, Increase in Authorized Share Capital

MT Newswires Live09-17

Shareholders of Hong Kong ChaoShang Group (HKG:2322) will meet Oct. 10 to vote on a proposed change of company name, as well as a boost in authorized share capital, a Tuesday bourse filing said.

The company had proposed to change the company's English name to Modern Innovative Digital Technology Company Limited on Aug. 30 to give the firm a fresh corporate image and identity.

The sales financing company has also proposed to increase its authorized share capital to HK$160 million divided into 8 billion shares from HK$100 million divided into 5 billion shares by creating 3 billion new unissued shares.

The proposal came about following the completion of the placing of up to 660 million shares at HK$0.75 apiece, as announced in a Sept. 11 filing, the company's issued share capital will rise to 4,780,600,000 shares.

Boosting its authorized share capital will allow the company to accommodate future expansion and development, as well as give it more flexibility in raising funds by issuing shares in the future.

Shares of the company were down 1% in recent trade.

Price (HKD): $0.99, Change: $-0.010, Percent Change: -1.00%

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