Television Broadcasts (HKG:0511) allotted and issued 20,000,000 new shares to Shaw Brothers at HK$4 per share and raised net proceeds of HK$78.80 million, a Friday filing with the Hong Kong Exchange said.
The television broadcasting company plans to use the proceeds for its general working purposes including working capital for the group's drama co-production projects with Chinese streaming platform partners.
The group expects to fully utilize the proceeds before the end of this year.
the company's shares closed over 2% higher on Friday.
Price (HKD): $3.35, Change: $+0.070, Percent Change: +2.13%
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