Alco Holdings (HKG:0328) raised HK$66.6 million via the placement of nearly 19,090,000 shares to at least six parties at HK$3.49 apiece, a Wednesday Hong Kong bourse filing said.

The placed shares represent 16.66% of the enlarged issued share capital of the company.

The consumer electronic products manufacturer and seller plans to use the net proceeds of HK$65.2 million to repay its borrowings, settle its external debts, and use the remaining for the group's general working capital.