Hong Kong Chaoshang Group to Raise HK$491 Million from Share Placement

MT Newswires Live10-09

Hong Kong Chaoshang Group (HKG:2322) will raise gross proceeds of about HK$491.4 million from the placement of 630 million shares at HK$0.78 apiece to independent third parties, a Tuesday filing with the Hong Kong Exchange said.

The maximum number of shares to be placed represents about 13.26% of the enlarged issued share capital of the company.

The trading and finance company expects to raise net proceeds of HK$476.4 million from the placing and intends to use HK$100 million to develop its financial services business segment, about HK$300 million for business development and potential investments, and HK$76.4 for the group's general working capital.

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