Founder Technology to Raise 1.98 Billion Yuan From Share Placement; Shares Up 5%

MT Newswires Live06-11

Founder Technology Group (SHA:600601) plans to raise 1.98 billion yuan from a share placement, according to a Shanghai bourse filing on Tuesday.

The computer peripherals and printed circuit board producer will offer shares to up to 35 investors, including its controlling shareholder, Zhuhai Huashi Huanxin Fangke Investment Enterprise (Limited Partnership).

Zhuhai Huashi Huanxin Fangke Investment committed to subscribe for up to 23.5% of the company's total issued shares for a consideration of up to 465 million yuan.

Net proceeds from the placement will be invested in the construction of an artificial intelligence and computing high-density interconnect circuit board industrial base, which has a total investment of 2.13 billion yuan, the filing said.

The company's shares jumped less than 5% in recent trade.

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