Aceso Life Science Group's (HKG:0474) subsidiary Hao Tian International Construction Investment Group (HKG:1341) is looking to raise up to HK$600 million in net proceeds via placement of up to 1,524,224,000 shares at HK$0.4 per share.
The number of shares to be placed represents 16.67% of the enlarged issued share capital of Hao Tian International, a Friday Hong Kong bourse filing said.
If all the shares are successfully placed, the company's shareholding in Hao Tian International will be diluted from 29.05% to 24.20% and Hao Tian International will cease to be a subsidiary of the company.
Hao Tian International plans to use the proceeds for its general working capital, development of its existing businesses, and for the investment and development of electric vehicles and charging station-related businesses.
The financial, property, and construction machinery company's shares closed nearly 3% lower on Monday.
Price (HKD): $0.08, Change: $-0.0020, Percent Change: -2.50%
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