SHUN WO GROUP (01591) Proposes 1-for-3 Rights Issue at 6.7% Discount to Raise Up to HK$17.92 Million
Stock News
Dec 12
SHUN WO GROUP (01591) announced a proposed rights issue on the basis of 1 new share for every 3 existing shares held. The company plans to issue up to approximately 133 million rights shares at a subscription price of HK$0.14 per share, representing a discount of about 6.7% compared to the closing price of HK$0.150 per share on the last trading day on the Hong Kong Stock Exchange.
If fully subscribed, the rights issue is expected to raise net proceeds of around HK$17.92 million. The funds will be used for the group's equipment and machinery purchases as well as general working capital purposes.
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