The amount will be paid in RMB, and will be used to fund the operations of Fengchi IOT Management, including the payment of suppliers as well as creditors of Fengchi IOT.
Pavillon Holdings has entered into a subscription agreement with New Development Hotel Management on March 9, where the latter will subscribe for $42.94 million or RMB200 million worth of new ordinary shares in the former.
Under the agreement, Pavillon Holdings will issue some 1.047 billion new shares at the subscription price of 4.1 cents apiece.
