Wai Hung Group (HKG:3321) placed 100,930,000 shares, representing 16.67% of the enlarged issued share capital of the company, to Loke Che Chan Gilbert, a Monday filing with the Hong Kong Exchange said.

The company raised net proceeds of a little over HK$2 million from the placing and intends to use them for its general working capital.

Loke Che Chan has become a substantial shareholder in the company following the completion of the transaction.

The fitting-out, repair, and maintenance services contractor's shares closed 70% higher on Monday.

Price (HKD): $0.07, Change: $+0.028, Percent Change: +70.00%