Ikangtai Engineering Group (08445) announced that on July 25, 2023, the company plans to place a maximum of 48.5 million shares for placement, which is equivalent to about 16.17% of the company's expanded issued share capital.
The placement price was HK$0.34 per share, a discount of approximately 17.1% from the closing price of HK$0.410 per share on July 25. The maximum total proceeds and net proceeds from the placement will be approximately HK$16.5 million and HK$15.8 million respectively. The company intends to use the net proceeds from the placement as the group's general working capital.