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RTNominal up0.250 +0.001 (+0.402%)

20/07/2021 10:59

Tongda Group (00698) to raise HK$752 million

[ET Net News Agency, 20 July 2021] Tongda Group Holdings Limited (00698) said it
proposes to implement the rights issue on the basis of one rights share for every two
existing shares at the subscription price of HK$0.232 per rights share, to raise
approximately HK$752 million by issuing 3,239,752,548 rights shares to the qualifying
The net proceeds are estimated to be approximately HK$737 million. The company intends
to apply the net proceeds as to (i) approximately HK$330 million in capital expenditure
for the purchase of machinery and equipment as well as plant decoration to improve
automation and production efficiency and increase production capacity, so as to support
the development of handset casings and high-precision components business; (ii)
approximately HK$243 million in the repayment of the group's interest-bearing long-term
bank borrowings which will be matured within 6-month or short-term interest-bearing bank
borrowings that can be repaid at any time; (iii) approximately HK$100 million for research
and development expenditure to strengthen the group's competitive advantage in the handset
casings and high-precision components business, so as to support the continuous
development of the group's major business; and (iv) approximately HK$64 million as general
working capital of the group. (RC)

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