Wan Kei Group (HKG:1718) agreed to place up to 50.7 million shares to at least six investors at HK$0.25 apiece to raise net proceeds of HK$12.5 million, according to a Tuesday Hong Kong bourse filing.
The shares represent around 16.67% of the foundation works firm's enlarged issued share capital.
The company intends to use proceeds for director's fee, remuneration, and staff salaries; rental expenses; and legal and professional fees.
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