Ta Yang Group Holdings (HKG:1991) plans to issue 28.66 million shares at HK$1.20 each to subscribers under a general mandate, according to a late Thursday filing with the Hong Kong Stock Exchange.
Shares of the company surged 29% in Friday morning trade.
The subscription price represents a premium of about 90.48% to the stock's last closing price of HK$0.63 and an 83.49% premium to the five-day average. The new shares will represent 16.66% of the company's enlarged share capital.
Net proceeds are expected to be around HK$34.39 million and will be used as general working capital, including support for the group's digital marketing business.
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