KINGLAND GROUP (01751) announced a proposal to conduct a rights issue on the basis of one rights share for every three existing shares held on the record date. The subscription price is set at HK$1.58 per rights share, which is neither at a discount nor a premium compared to the closing price of HK$1.58 per share on the stock exchange on the last trading day. By issuing up to 96.768 million rights shares to eligible shareholders, the company aims to raise gross proceeds of up to approximately HK$152.9 million. The rights issue will be offered exclusively to eligible shareholders and will not be extended to ineligible shareholders, if any. The estimated net proceeds from the rights issue are approximately HK$148.1 million. The company intends to allocate the net proceeds as follows: about 60% will be used to meet performance bond requirements, and the remaining 40% will be allocated to preliminary project costs, including but not limited to the procurement of construction materials.