Golden Power Group (03919) announced a proposed rights issue of 22.686 million rights shares on a 2-for-1 basis at HK$0.6 per rights share.
The issue price represents a discount of approximately 14.3% to the closing price of HK$0.7 per share as quoted on the Stock Exchange on the last trading day.
The rights issue is expected to raise approximately HK$13.6 million, with net proceeds of approximately HK$12.6 million.
Approximately 90.0% of the net proceeds will be used to fully repay certain bank financings, while approximately 10% will be used as general working capital of the group.
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