K.Wah Construction Materials increases authorized capital to make provision for

K.Wah Construction Materials (0027)) and K. Wah International Holdings (0173) passed the proposal of increasing authorized capital at the annual shareholder meeting. The Chairman Lui Che Woo said that the increase in authorized capital aimed at making provision for future large-scale investment rather than placement and rights issue.

He pointed out that the property projects in Shanghai and Guangzhou had been sold out, and the company can raise fund through the increased shares to invest in some projects worth HK$2-3 bln.

When asked about the technological project investment, he said that the current technological investment is in a sound status and it is not necessary to make provision for relevant projects.

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