Zhengtong Auto Announces Placement of Up to 2.2 Billion Shares at 4.9% Premium to Raise Approximately HK$329 Million
Stock News
Jun 30
Zhengtong Auto has announced a proposed share placement. The company intends to issue up to 2.2035 billion new shares, representing approximately 22.00% of the total issued shares as of the announcement date and about 18.03% of the enlarged share capital following the placement.
The placement price is set at HK$0.15 per share. This represents a premium of roughly 4.90% over the closing price of HK$0.143 per share on June 30th.
Assuming the full placement is completed, the gross proceeds are expected to be approximately HK$330.5 million. The net proceeds, estimated at around HK$329 million, are intended to be used to supplement the company's working capital.
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