Willas-Array Electronics (Holdings) Limited (00854) announced the completion of its issuance of 15 million subscription shares on July 15, 2025. The shares were priced at HK$2.66 per share, generating net proceeds of approximately HK$39.5 million.
Proceeds allocation is structured as follows: 60% will be utilized for repayment of bank borrowings and/or trust receipt loans, while the remaining 40% will supplement the company's working capital. Specifically, 30% of the total proceeds is designated for payments to inventory suppliers, with the remaining 10% allocated to cover daily operational costs and expenditures.
Following this issuance, the number of publicly held shares has increased from 10,736,304 shares to 25,736,304 shares. This represents approximately 25.06% of the company's enlarged issued share capital. Consequently, the company has now complied with the minimum public float requirement stipulated under Rule 8.08(1)(a) of the Hong Kong Listing Rules.
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