China Water Industry (HKG:1129) raised net proceeds of HK$90.1 million from its recently concluded rights issue, according to a Tuesday bourse disclosure.
The water supply company received four applications for 181,236,446 rights shares, representing 63.07% of the total number of rights shares allocated for the deal.
The 106,124,518 unsubscribed rights shares were placed to at least six investors at HK$0.326 apiece.
The firm will use 75% of the proceeds from the rights issue to repay debts; 17% to invest in a biomass gas project; and 8% for general working capital.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.