Most Kwai Chung (HKG:1716) is looking to raise net proceeds of up to HK$228.8 million through a share placement, according to a Hong Kong bourse filing Tuesday.

The company is offering up to 54 million new shares at HK$4.28 each.

The net proceeds will be used to expand its environmental and sustainability businesses, broaden its media products and services, and for general working capital.

The shares represent 20% of the company's issued share capital and about 16.7% of its enlarged share capital after the placement.

Shares of the advertising and media services company were up over 18% in Tuesday afternoon trade.