Petro-king Oilfield Services (02178) said it proposes to raise about HK$123.52 million to HK$132.57 million through a rights issue on the basis of 3 rights shares for every 10 existing shares held at HK$0.31 per rights share.
The subscription price represents a discount of about 40.38% to the closing price of HK$0.52.
The estimated net proceeds of about HK$120 million to HK$129 million will be used as to about HK$90 million for repayment of bank and other borrowings and as to the remaining for general working capital purposes.
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