CN HEALTH TECH (01069) Plans Rights Issue on "1-for-2" Basis, Aiming to Raise Up to HK$51.5 Million

Stock News03-27

CN HEALTH TECH (01069) has announced a proposed rights issue. The company intends to issue up to approximately 206 million new shares at a subscription price of HK$0.25 per share on the basis of "1 for 2" (assuming no change in the number of issued shares before the record date). The maximum gross proceeds are expected to be around HK$51.5 million, assuming full subscription, with net proceeds estimated at approximately HK$50 million. The company plans to allocate the funds as follows: approximately 44.00% for the acquisition of ginseng cultivation land and related marketing and promotional activities to support the expansion of its ginseng farming business; about 36.00% for investment in the medical aesthetics industry; and the remaining 20.00% will be used for the group's general working capital purposes.

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