AI Energy Engineering (HKG:1751) proposed a 2-for-5 rights issue at HK$0.65 per share to raise net proceeds of up to about HK$72.4 million.

The company plans to issue up to 116.5 million rights shares at HK$0.65 each to qualifying shareholders of record on Sept. 2, according to a Thursday Hong Kong exchange filing.

Proceeds from the issue will be used to meet performance bond requirements and fund upfront project costs, including construction materials.

Shares of the concrete demolition service firm fell nearly 1% in recent trade.