Global Sweeteners Holdings (HKG:3889) raised HK$4 million in net proceeds via allotment and issue of a total of 41 million shares to six subscribers at HK$0.1 apiece, a Jan. 10 bourse filing said.

The shares represent around 2.12% of the corn sweetener manufacturer's enlarged issued share capital, and after the completion, none of the subscribers became substantial shareholders of the company.

The company will use proceeds from the issue to repay other payables due to the equipment supplier of its Jinzhou production site in China and for general administration expenses.

The shares of the company were nearly 5% higher in recent trade.

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