TOMO Holdings (HKG:6928) sold unsubscribed shares from its previously announced rights offering to independent buyers, according to a Hong Kong bourse filing on Thursday.
Shares of the company fell nearly 2% in late morning trade Friday.
The auto parts seller sold the remaining 82.3 million unsubscribed shares at HK$0.18 apiece.
As a result, the company was able to sell the entire 225 million right shares on offer for net proceeds of nearly HK$40 million.
Most of the funds will be used to upgrade and expand the company's motor vehicle trading business.
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