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It said it has agreed to sell 1.8b new shares at HK$0.02 each to Marvel Bonus Holdings.
Upon completion of the deal, Marvel Bonus will hold a 76.58% stake in China Motion, requiring Marvel Bonus to make a mandatory takeover offer for the rest of China Motion at HK$0.055 per share, it said. At the same time, Marvel Bonus will offer HK$0.0001 to cancel each China Motion outstanding option, it added.
The HK$36m gross proceeds from the sale of new shares will be used for China Motion's working capital requirements.
Marvel Bonus has at the same time committed to provide a HK$30m standby facility for China Motion.
