China Wood International Raises HK$74 Million from Rights Issue

MT Newswires Live

Sep 14

China Wood International (HKG:1822) raised net proceeds of HK$74 million from its recently concluded rights issue, according to a Monday disclosure.

The trading materials firm received 19 applications for a little over 580.3 million rights shares, representing 58.8% of the 986.9 million rights shares allocated for the deal.

The remaining 406.6 million rights shares were placed to at least six investors at HK$0.077 apiece.

Dealings in the newly issued rights shares are expected to begin on Sept. 16, Wednesday.

The company will use proceeds for the R&D of its food and beverage offerings, marketing and promotion activities for food and beverage and wood-related business wings, and working capital.

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