MINDTELL TECH (08611) announced plans to issue up to 234 million new shares on a 1-for-2 rights basis. The subscription price is set at HK$1.23 per share, representing a 32.4% discount to the last closing price of HK$1.82 on the Hong Kong Stock Exchange.
The net proceeds from the rights issue are estimated to reach approximately HK$281 million. The company intends to allocate the funds towards upgrading its existing IT infrastructure through AI-powered integrated solutions, restructuring its primary data centers in China to expand data capacity, and redeveloping certain SaaS products to diversify its service offerings.