Hao Tian International Construction (HKG:1341) completed the placement of 1.30 billion shares at HK$0.20 each to raise net proceeds of about HK$255.5 million, according to a Tuesday Hong Kong bourse filing.

The shares represent about 14.37% of the enlarged issued share capital.

It will use HK$250 million of the proceeds to repay debt and the remaining HK$5.5 million for working capital, including salaries and rentals.

Shares of the construction equipment lessor were up nearly 5% in late-morning Wednesday trade.