Shougang Fushan Resources Group (HKG:0639) plans to raise HK$427 million through a rights issue, offering shareholders the opportunity to purchase one new share for every 30 shares held, according to a Monday filing with the Hong Kong bourse.

About 164.2 million shares may be issued for a price of HK$2.60 per share. The rights issue will amount to about 3.2% of the enlarged issued share capital.