Silkwave (HKG:0471) agreed to sell HK$11.4 million worth of shares to two investors, according to a Hong Kong bourse filing Monday.

Shares of the media and transmission business gained nearly 3% in morning trade Tuesday.

The company will sell 19,063,898 shares at HK$0.60 apiece to raise funds primarily for general working capital.

The shares represent 20% of the company's issued share capital and 15.89% on an enlarged basis.

The subscribers were identified as Yu Zhuangzhu and Wang Lisu, investors who are independent of the company.