Kwan On Proposes 1-for-2 Rights Issue; Shares Gain 4%
MT Newswires Live
Jan 27
Kwan On (HKG:1559) has planned a non-underwritten rights issue on a one-for-two basis at a subscription price of HK$0.07 per share, according to a Monday Hong Kong bourse filing.
Shares of the civil engineering firm were up nearly 4% in Tuesday's late morning trade.
Net proceeds are expected to be up to about HK$63.6 million, the filing showed.
The company said net proceeds will be used primarily to repay group liabilities, fund development of existing construction projects, and for general working capital.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.