Date: 30 April 2026

Key Points from the Announcement

• The Board of New Times Corporation Limited has issued a supplemental announcement regarding a significant change in the use of proceeds from its 2017 Open Offer.
• The Company is reallocating the remaining unutilised net proceeds of HK\$161.7 million to general working capital purposes across various business segments.
• This marks a shift from any previously specified uses and could impact the Group’s financial strategy and operational flexibility.
• Should any new potential investments arise that require the use of these proceeds, the Company has committed to making further announcements in compliance with Hong Kong Listing Rules.

Detailed Allocation of Unutilised Net Proceeds

The HK\$161.7 million in unutilised net proceeds will be distributed as follows:

• HK\$30 million will be used for general administrative, IT, and other corporate expenses. This ensures ongoing support for the Company’s central operations, including digital infrastructure and management overhead.
• HK\$50 million is earmarked for the working capital needs of the Company’s commodities refinery and trading business. This funding will help sustain daily operations and may enable the Group to respond to market opportunities or volatility in the commodities sector.
• HK\$81.7 million will serve as working capital for the Group’s energy-related business in Canada. This allocation is crucial for maintaining operations and potentially pursuing growth opportunities in the Canadian energy market.

Potential Shareholder Implications and Price-Sensitive Information

• Flexibility and Liquidity: The reallocation to general working capital provides the Group with greater financial flexibility, which could enhance its ability to respond to operational needs or unforeseen market developments.
• Possible Future Investments: The Company’s statement that it may use these proceeds for potential investments—and will announce such uses in accordance with Listing Rules—introduces an element of uncertainty and potential upside for shareholders, depending on future investment decisions.
• Strategic Focus: The decision to allocate substantial funds to both the commodities and Canadian energy businesses signals ongoing commitment to these core segments, which may be of particular interest to investors monitoring the Group’s strategic direction.
• Transparency and Governance: The announcement reflects a commitment to regulatory compliance and transparency, as the Company will issue further updates if the proceeds are redeployed for new investments.

Board Composition

As of the date of the announcement, the Board comprises:

• Executive Directors: Mr. CHENG, Kam Chiu Stewart (Chairman), Mr. TANG, John Wing Yan (Chief Executive Officer)
• Non-Executive Director: Mr. LEE, Chi Hin Jacob
• Independent Non-Executive Directors: Mr. YUNG, Chun Fai Dickie, Mr. CHIU, Wai On, Mr. HUANG, Victor, Ms. LEUNG, Sze Lai

Conclusion

This reallocation of proceeds is a potentially price-sensitive development for New Times Corporation Limited, as it impacts the Company’s liquidity, operational flexibility, and future strategic investments. Investors should monitor subsequent announcements for any updates regarding the deployment of these funds, particularly if new investment opportunities are identified.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to conduct their own research or consult professional advisors before making investment decisions. The information herein is based on the Company’s public announcement and may be subject to change.

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