ALCO HOLDINGS (00328) has announced a proposal for a rights issue. The board recommends issuing new shares on the basis of 4 rights shares for every 1 existing share held as of the record date, with a subscription price of HK$0.55 per share. Assuming no change in the total number of issued shares from the announcement date through the record date, the company will issue up to 229 million new shares, raising gross proceeds of approximately HK$126 million before expenses. After deducting estimated expenses related to the rights issue, the net proceeds are expected to be around HK$122 million.
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