Datang Tongjin (08299) issued an announcement. On March 22, 2024, the company and the subscriber signed a subscription agreement,...
According to Zhitong Finance App, Datang Tongjin (08299) issued an announcement. On March 22, 2024, the company and the subscriber entered into a subscription agreement. The subscriber conditionally agreed to subscribe, and the company conditionally agreed to allocate and issue a total of 311 million new shares. The subscription price was HK$0.141 per subscribed share.
The subscription price is about 19.89% off from the closing price of HK$0.176 per share reported on the Stock Exchange on March 22; the subscribed shares are equivalent to about 4.93% of the company's issued share capital after the issued subscription was expanded.
The net proceeds from the subscription will be approximately HK$41.1 million. The company plans to raise the net proceeds from the subscription process of HK$26.1 million, or 63.56% of the net proceeds, to be used for technological transformation projects currently carried out by the Group to improve production capacity and/or production efficiency; and HK$15 million, or 36.44% of the net proceeds, for general working capital.