TIME INTERCON (01729) announced that all conditions under the placement agreement have been fulfilled, and the placement was completed on February 20, 2026, in accordance with the terms and conditions of the placement agreement. A total of 108 million placement shares, representing approximately 5.45% of the company's existing issued share capital immediately prior to the completion of the placement and about 5.16% of the issued share capital as enlarged by the allotment and issue of the placement shares, were successfully placed to no fewer than six placees at a price of HK$15.22 per share.
Based on the actual number of placement shares sold by the placing agent, the net proceeds from the placement, after deducting related expenses such as commissions and professional fees, amount to approximately HK$1.635 billion. Accordingly, the net issue price per placement share is approximately HK$15.13.
The company intends to allocate the net proceeds from the placement for the following purposes: (i) approximately 50% will be used to support the group's strategic investments and acquisitions; (ii) around 30% will be allocated to developing the group's global business and expanding its overseas operations; and (iii) the remaining 20% will be utilized for working capital and general corporate purposes to support the group's business operations and growth.
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