Kingland Group Holdings Ltd. has announced the completion of a placing of new shares under a general mandate. A total of 48,384,000 new shares were successfully placed to not less than six independent placees at a price of HK$1.481 per share, representing approximately 16.67% of the company’s enlarged issued share capital following the placement. The net proceeds from the placing amounted to about HK$70.76 million, with approximately HK$31.84 million, or 45% of the net proceeds, intended for expanding and developing the company’s construction and engineering business in China. None of the placees became a substantial shareholder as a result of this transaction.

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