Wan Kei Group (HKG:1718) agreed to place up to 50.7 million shares to at least six investors at HK$0.25 apiece to raise net proceeds of HK$12.5 million, according to a Tuesday Hong Kong bourse filing.

The shares represent around 16.67% of the foundation works firm's enlarged issued share capital.

The company intends to use proceeds for director's fee, remuneration, and staff salaries; rental expenses; and legal and professional fees.