MEXAN (00022) intends to sell up to 1.327 billion shares, representing approximately 67.47% of the issued share capital, by its controlling shareholder.

MEXAN (00022) announced that the Board of Directors has been notified by Winland Wealth (BVI) Limited (the Seller), who is a controlling shareholder of the company and is indirectly fully owned by Mr. Lun Yiu Kee, the executive director and chairman of the Board of Directors of the company, that the Seller has entered into a placing agreement with Macro Securities (Hong Kong) Limited (the Placing Agent) on April 1, 2026 (after trading hours). According to the placing agreement, the Seller has appointed the Placing Agent as its exclusive agent, and the Placing Agent agrees to act as the Seller's agent to facilitate independent investors, not affiliated with the company, the Seller, or any other parties acting in concert with them, and not being investors acting in concert with the aforementioned persons (subscribers), to purchase no less than 929 million shares of the company and up to 1.327 billion shares of the company (representing approximately 67.47% of the company's issued share capital as of the date of this announcement, i.e. all shares held by the Seller) at a price of HK$0.17 per share. The Placing Agent also agrees to use its best efforts to facilitate the subscribers' subscription of the placing shares, and undertakes to the Seller that no subscriber (whether alone or together with persons acting in concert with them) will hold 30% or more of the company's issued share capital after completion. The placing is expected to be completed in accordance with the terms and conditions of the placing agreement by no later than April 14, 2026.