ZO Future Group completes share placement, delays circular

ZO Future Group announced the completion of a placing of 37,634,000 new shares, representing approximately 4.41% of the company's issued share capital, on May 7, 2025. The shares were allotted to not less than six independent placees, with net proceeds of approximately HKD69.5 million. Approximately 70% of the proceeds are earmarked for repaying the Group's liabilities, especially interest-bearing debts which stood at approximately HKD877.5 million as of December 31, 2024. The remaining 30% will support general working capital. The Group anticipates annual interest expense savings of around HKD9.75 million through this debt repayment. Simultaneously, the company announced a delay in dispatching a circular concerning a connected transaction related to a subscription of new shares under a specific mandate, with the new expected dispatch date on or before May 16, 2025.