Synertone Communication (HKG:1613) completed the allotment and issue of 74,176,000 shares to Infinity Holding Resources at HK$0.28 apiece to raise net proceeds of HK$20.7 million, a Nov. 29 bourse filing said.

The parties had entered into the subscription agreement in early November, according to the seller of building automation and home intelligence products.

The company will allocate proceeds from the issue for the procurement of inventory for the smartphone distribution business, as well as for administrative working capital.