Sanergy Group Raises HK$16 Million via Share Subscription

MT Newswires Live10-01

Sanergy Group (HKG:2459) issued 50 million new shares to Otautahi Capital at HK$0.325 per share following the completion of the sale of the same number of shares for the same price, a Monday filing with the Hong Kong bourse said.

Otautahi Capital held a little less than 188 million or 18.57% of the company's shares before the placing and subscription. After the transaction, it holds the same number of shares but 17.70% of the enlarged issued share capital of the company.

The company raised net proceeds of HK$15.9 million from the subscription. It plans to use half of the funds raised to replenish its liquidity and for general corporate purposes and the other half for the development of its graphite electrodes business.

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