Shougang Fushan Resources Group's (HKG:0639) is looking to raise up to HK$427 million through a one-for-thirty rights share issue, a Monday bourse filing said.

Under the plan, the coking coal company will issue a maximum of 164,227,928 rights shares at HK$2.60 apiece to qualifying shareholders.

The firm will use proceeds from the issue for general working capital, additional capital reserve to capture business opportunities for its coking coal mining business in China, and possible future investment opportunities.

Shares of the company were up nearly 6% in recent trade.

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