On July 26th, GeLongHui announced that Guanglian Engineering Group (01413.HK) signed a placement agreement with an underwriter in July 26th, 2024. The company plans to allot up to 0.2 billion shares, accounting for 20.00% of the total number of issued shares as of the date of this announcement; and it will expand the issued shares by approximately 16.67% according to the full allotment. The allotment price per share is HKD 0.180, which is approximately 24.14% higher than the closing stock price on the HKEX on July 26th of HKD 0.145 per share.
The estimated net proceeds from the placement are approximately HKD 34.7 million, and the director intends to use the net proceeds from the placement for general working capital of the group.