Kangda Food (00834) announced that all the conditions set out in the placement agreement have been met and the placement has been completed on July 16, 2024 in accordance with the terms and conditions of the placement agreement. A total of 20 million shares have been successfully placed at a subscription price of HK$0.25 per share to an underwriter (Underwriter) in accordance with the terms and conditions of the placement agreement by the placement agent. The 20 million shares of placement shares account for approximately 4.62% and 4.42%, respectively, of the company's existing issued share capital (i.e., 0.433 billion shares of shares) and its enlarged issued share capital after the distribution and issuance of placement shares.
The total proceeds from the placement will be HKD 5 million, and the net proceeds from the placement will be approximately HKD 4.9 million. The net proceeds from the placement will be used as general working capital of the Group to strengthen the Group's financial position.