Guanglian Engineering Holdings (01413) announced that on April 10, 2024, the company plans to place up to 200 million shares, accounting for about 16.67% of the company's issued share capital, which has been expanded through total allotment and issuance of placed shares. The placement price of HK$0.180 per share was discounted by approximately 13.46% from the closing price of HK$0.208 per share on April 10.
Assuming that all of the placed shares are placed, the total proceeds from the placement will be approximately HK$36 million, while the net proceeds from the placement are estimated to be approximately HK$34.6 million. The directors intend to use the net proceeds from the placement as the general working capital of the Group.