FEG HOLDING-NEW (01413) announced that its board of directors has recommended a rights issue on the basis of one rights share for every two existing shares held on the record date. The subscription price is set at HK$0.214 per rights share. The initiative is intended to raise gross proceeds of approximately HK$35.1 million before expenses, assuming no further shares are issued or repurchased on or before the record date. The subscription price represents a discount of approximately 28.67% compared to the closing price of HK$0.300 per share on the last trading day on the Stock Exchange. Should the rights issue be fully subscribed, the net proceeds are estimated to be around HK$33.52 million.