51 Credit Card to Raise HK$39 Million via Share Placement; Shares Up 6%

MT Newswires Live2024-10-21

51 Credit Card (HKG:2051) seeks to raise HK$38.8 million in net proceeds through a private placement, a Monday filing with the Hong Kong Exchange said.

The financial services company plans to issue 271,664,037 shares to at least six investors, the filing said. The shares will represent about 16.67% of the company's enlarged share capital and will be sold at a minimum price of HK$0.146.

The company plans to use 45.0% of the proceeds for strengthening and improving its existing credit facilitation and SaaS businesses, 45.0% for the development and expansion of its vehicle business, and 10% for its general working capital.

Shares of the company were up nearly 6% in recent trade.

Price (HKD): $0.18, Change: $+0.0100, Percent Change: +5.88%

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