Universal Health International Group (HKG:2211) agreed to allot and issue a total of 304,402,632 existing shares or 30,440,263 consolidated shares to Huang Yu for nearly HK$24.4 million, a Tuesday Hong Kong bourse filing said.

The shares, which will be issued at HK$0.08 per existing share or HK$0.80 per consolidated share, represent 27.54% of the firm's enlarged issued share capital.

The pharmaceutical distributor and retailer will use proceeds from the issue as general working capital.