Da Sen Holdings Group Limited on 18 September 2026 agreed to issue up to 219.12 million new shares via a best-efforts placing, aiming to raise gross proceeds of approximately HK$52.80 million.
The shares will be placed at HK$0.241 each, representing a 19.7% discount to the same-day closing price of HK$0.300 and a 4.8% discount to the five-day average of HK$0.253. Net proceeds are estimated at HK$52.20 million after a 1% placing commission to Glory Sun Securities Ltd. and other expenses, implying a net issue price of roughly HK$0.238 per share.
Of the net funds, HK$23.00 million are earmarked for repayment of existing indebtedness to reduce interest burden, while the balance will strengthen working capital and support expansion of the Group’s plywood manufacturing and leasing businesses.
The 219.12 million new shares equal about 20.00% of Da Sen Holdings’ 1.10 billion issued shares and 16.67% of the enlarged total of 1.31 billion shares. Post-placement, founder Mr Wong Tseng Hon’s stake will fall to 47.35% from 56.82%; overall public float is expected to rise to 38.98%, comfortably above the Hong Kong Stock Exchange’s 25% requirement. No placee will become a substantial shareholder.
The issuance will be executed under the company’s existing general mandate approved at the 30 September 2025 AGM, eliminating the need for further shareholder approval. Completion is subject to conditions including Stock Exchange listing approval and may be terminated by the placing agent before 8:00 a.m. on the scheduled completion date if adverse events occur. The long-stop date for satisfying conditions is 7 October 2026.
Da Sen Holdings, primarily engaged in plywood manufacturing and leasing, has not undertaken any other equity fundraising in the past 12 months. The board said the transaction will enhance liquidity, improve the balance sheet and provide flexibility for future strategic initiatives.
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