Golden Power Group (HKG:3919) agreed to allot and issue 5.4 million shares to Lofty Islet at HK$0.9 apiece to raise net proceeds of HK$4.8 million, a Thursday Hong Kong bourse filing said.

The shares represent around 16.7% of the battery manufacturer's enlarged issued share capital.

Following completion, Lofty Islet will become a substantial shareholder of the company.

The firm will use proceeds from the issue to repay outstanding banking facilities and replenish future working capital.