Time rich financial services group (00510) time rich investment (01049) jointly announced that on July 24, 2023, time rich financial plans to place up to 50 million placing shares at HK $0.42 per share through a placing agent, accounting for about 11.6% of the enlarged share capital. The placing price is about 6.3% higher than the closing price of HK $0.395 on July 24, 2023.
Assuming that all 50 million placing shares are successfully allotted, the net amount raised is about HK $20.9 million, which is intended to be used as general working capital.