Hang Fat Ginseng (00911) said it agreed to place, on a best effort basis, up to 4,000 million new shares at HK$0.051 apiece, representing a discount of about 13.6% to the closing price of HK$0.059.
The placing shares represent around 6.25% of the enlarged issued share capital of Hang Fat Ginseng.
The maximum net proceeds of about HK$197.8 million will be used for repayment of liabilities (including trade payables, bank borrowings and bonds), and general working capital of the Group and funding investment opportunities as may be identified from time to time.
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