Guoneng International assets (00918) announced that all the conditions set out in the placing Agreement had been met and the placing was completed on September 4, 2023. In accordance with the terms and conditions of the placing Agreement, the placing Agent successfully placed a total of 186 million placing shares to not less than six Placees at a placing price of HK $0.180 per placing share, equivalent to about 16.67 per cent of the issued share capital of the company expanded by the placing and issuance of the placing shares immediately following the completion of the placing.
The net proceeds from the placing is about HK $32.6 million. The company intends to devote 70% of the net proceeds to the existing operations of the Group; and 20% to potential investments; and the remaining 10% to other general working capital of the Group.