Kingland Group Holdings Limited (01751.HK) released an announcement regarding a proposed rights issue on the basis of one rights share for every three existing shares held on the record date. The subscription price is set at HK$1.58 per share, and the planned issue is expected to raise up to HK$152.90 million in gross proceeds. The maximum net proceeds are estimated at HK$148.10 million.

According to the announcement, the proceeds will be used primarily for performance bond requirements and upfront project costs to support newly secured engineering contracts in Mainland China. Those contracts have a total value of RMB878.30 million and focus on mechanical and electrical construction work for wind turbine generator units. The company aims to leverage synergies with its existing demolition and engineering operations.

This rights issue will proceed on a non-underwritten basis and does not feature an excess application mechanism. Any unsubscribed shares will be sold through a placing arrangement, with any premium returned to shareholders who did not take up their entitlements. The register of members will be closed from March 16 to March 20, 2026, with the nil-paid rights expected to be traded from March 25 to April 1, 2026. Shareholders are reminded that the rights issue’s completion remains subject to various conditions and regulatory approvals, and they should exercise caution when dealing in the company’s shares.