Wan Kei Group (HKG:1718) raised net proceeds of HK$21.7 million from its recently concluded rights issue, according to a Thursday Hong Kong bourse disclosure.

The construction and engineering company received 14 applications for 40,491,810 rights shares, representing 35.15% of the shares allocated for the deal.

On April 28, the firm placed all 74,708,190 unsubscribed shares at HK$0.20 apiece.

Dealings in the newly issued rights shares are expected to begin on May 12.

The company will use proceeds from the issue as general working capital.