Hong Kong Robotics Raises HK$203 Million in Rights Issue; Shares Fall 7%

MT Newswires Live10:45

Hong Kong Robotics Group (HKG:0370) raised about HK$202.8 million in net proceeds from its rights issue, with all 1.05 billion shares offered eventually subscribed, according to a Tuesday Hong Kong bourse filing.

Shares of the firm were down 7% in Wednesday morning trade.

The rights issue was initially undersubscribed, with valid acceptances and applications covering 19.3% of the shares offered.

The underwriter and placing agent procured subscribers for the remaining 80.7%.

The company will use the proceeds according to its previously disclosed plan, with a HK$500,000 shortfall in net proceeds reducing the amount allocated to general working capital.

The new shares are expected to begin trading on the Hong Kong Stock Exchange on Thursday.

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