The shares will be issued at a price that references Hong Lai Huat’s weighted average trading price of the shares over a 14-day period before the new shares are issued.
Hong Lai Huat announced, on Jan 20, that it intends to issue and allot Ong Jia Jing, Dylan, 40.5 million new ordinary shares in the capital of the company. The shares will represent 7.82% of the company’s existing share capital and 7.25% of the enlarged share capital.
According to the company, Ong does not currently own any shares in the company, and providing him with an equity stake will “align his interest with the long-term interest of the company and its shareholders”. Ong has been an executive director of the company since 2020. According to Hong Lai Huat’s website, he is also the group's general manager.
