Tiger Brokers

King's Stone to Raise HK$108 Million via Share Placement

MT Newswires Live
Jun 26

King's Stone (HKG:1943) plans to raise up to HK$107.8 million in net proceeds through a share placement, according to a Thursday Hong Kong bourse filing.

The company will place up to 200 million new shares at HK$0.5456 each to at least six independent investors on a best-efforts basis.

The placement represents about 19.4% of the company's existing issued share capital and is priced at an 18.6% discount to the stock's last closing price.

Net proceeds will be used to support industrial park energy solutions, develop data storage and computing infrastructure, fund general working capital, and provide a reserve for future capital allocation.

Shares of the construction services company gained over 4% in morning trade Friday.

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