Wan Kei (HKG:1718) completed the placing of nearly 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 Friday Hong Kong bourse filing.

The shares represent around 16.66% of the foundation construction works company's enlarged issued share capital.

The firm will use proceeds for general working capital, including director's fee, remuneration, and staff salaries; rental expenses; and legal and professional fees.