Sandmartin International (HKG:0482) raised net proceeds of about HK$88.9 million from a rights issue on the basis of one rights share for every one share held, according to a May 8 Hong Kong bourse filing.

Shares of the electronics products manufacturer were up over 16% in Monday morning trade.

Valid applications were received for 55.5 million rights shares, representing 45.1% of the total shares offered under the rights issue, the filing said.

The remaining 67.6 million unsubscribed rights shares, representing 54.9% of the offer, were subsequently placed by the placing agent at HK$0.75 per share, equal to the subscription price.

The company said the net proceeds will mainly be used for partial repayment of a loan and related outstanding interest.