IRC Limited (1029) carried out a rights issue on the basis of one rights share for every two existing shares held on the record date, offering a total of 638,974,294 shares. As of Thursday, 15 January 2026, valid applications amounted to 466,622,154 shares, representing approximately 73.03% of those offered. The remaining 172,352,140 shares, or about 26.97%, were underwritten.

Following the latest time of placing, no unsubscribed shares were placed successfully, resulting in the underwriter, Axioma Capital, taking up 172,352,140 shares. Together with the previously provisionally allotted shares, Axioma Capital holds a total of 1,417,504,067 shares, representing approximately 73.95% of IRC Limited’s enlarged share capital. The public shareholding comprises 499,418,815 shares, or about 26.05%.

Gross proceeds stood at around HK$325.9 million (US$41.8 million), with net proceeds at approximately HK$323.6 million (US$41.5 million). The company intends to use about 68% of the net proceeds (HK$219.2 million) for repayment of borrowings due to MIC, 22% (HK$71.7 million) to fund the K&S mining operation, and 10% (HK$32.7 million) for general working capital replenishment. After completion of the rights issue, the total issued share capital increased from 1,277,948,588 to 1,916,922,882 shares.