Modern Innovative Digital Technology (HKG:2322), previously known as Hong Kong ChaoShang Group, plans to raise about HK$531.8 million by placing 800 million shares to at least six placees, according to a Wednesday filing with the Hong Kong bourse.
The placement price per share is HK$0.70 before fees and commissions. These shares account for about 16.26% of the company's issued share capital as enlarged by the allotment and issue of the placing shares.
The proceeds will be used to develop the company's financial services business, potential investment opportunities, and the group's general working capital needs.
The company's shares were trading 9% higher in recent trading.
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