Contel Technology Co. Ltd. has announced the completion of a placing of new shares under its general mandate. The placing involved the issuance of shares representing approximately 16.67% of the company's enlarged issued share capital, raising net proceeds of around HK$12.83 million. The company plans to allocate at least HK$10.00 million from the proceeds toward repayment of group indebtedness, with the remainder to be used for general working capital. Following the placing, no placee has become a substantial shareholder, and the shareholding structure of the company has been adjusted accordingly.
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