Shin Hwa World (HKG:0582) completed the placement of 304,290,000 shares to at least six investors on Tuesday at HK$0.118 apiece, raising net proceeds of HK$35.4 million, a Tuesday Hong Kong bourse filing said.

The shares represent around 16.67% of the resort developer's enlarged issued share capital.

The firm will use proceeds from the issue for bank interest expenses, information system upgrade and other operating technologies, sales and marketing, and operating expenses.