Shandong Molong Petroleum Machinery (HKG:0568, SHE:002490) agreed to place nearly 25.7 million new Hong Kong-listed shares to raise net proceeds of HK$115.7 million, according to a Tuesday Hong Kong bourse filing.
Shares of the energy equipment supplier were up nearly 5% in Wednesday afternoon trading.
The shares will be issued at HK$4.58 apiece to six or more investors.
The shares represent around 9.11% of the company's Hong Kong-listed shares and 3.12% of its total shares as enlarged by the placement.
The company will use proceeds to repay borrowings and for working capital and general corporate purposes.
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