King's Stone (HKG:1943) said it has completed a share placement, raising about HK$17.9 million in net proceeds through the issue of 28.97 million new shares at HK$0.637 per share, according to a Tuesday Hong Kong bourse filing.

Shares of the construction services firm were down 5% in Wednesday morning trade.

The placement shares represent about 2.81% of the company's enlarged share capital. All shares were allotted to at least six independent investors, none of whom became a substantial shareholder after completion.

The company will allocate HK$12.6 million to energy storage projects and technology upgrades, and HK$5.27 million to working capital, including loan repayments, salaries, and rent.