GBA Holdings Ltd. has announced the completion of a private placement of 46,566,946 new shares under its general mandate. The shares were placed at a price of HK$0.20 each to not less than six independent investors, raising estimated net proceeds of approximately HK$8.61 million after expenses. Following the placement, the new shares represent about 16.67% of the company's enlarged issued share capital. None of the placees has become a substantial shareholder as a result of this transaction. The company intends to use the proceeds for general working capital and corporate purposes.
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