Shougang Century (HKG:0103) seeks to raise net proceeds of up to HK$158 million from the issue of a maximum of 352,508,727 rights shares, a Tuesday Hong Kong bourse filing said.

The shares will be issued to qualifying shareholders on the basis of three rights shares for every 20 existing shares held at HK$0.455 per rights share.

The steel cord maker will use proceeds from the issue to upgrade its technology, replenish general working capital, and to repay loans and borrowings.