Capital Estate (HKG:0193) completed the placement of 38,865,000 shares to at least six investors at HK$0.267 apiece on Feb. 28 to raise net proceeds of HK$10 million, a same-day filing with the Hong Kong bourse said.

The shares represent roughly 16.67% of the company's enlarged issued share capital.

The hotel operator will use proceeds from the issue for operations and business, as well as for general working capital.