China Wood International (HKG:1822) agreed to place up to around 164.5 million shares to at least six investors at HK$0.10 apiece to raise maximum net proceeds of HK$16.3 million, a Tuesday Hong Kong bourse filing said.

The shares represent approximately 16.66% of the materials trader's enlarged issued share capital.

The firm will use proceeds from the placement to further develop its food and beverage business segment.