Xin Yuan Enterprises (HKG:1748) issued 88,000,000 shares to TGG Ventures at an aggregate of HK$105.6 million, or HK$1.20 per share, according to a Tuesday filing with the Hong Kong Exchange.

Net proceeds are set at HK$105 million. HK$94.5 million, or 90%, will be used to finance the balance of a vessel purchase and HK$10.5 million, or the remaining 10%, will be used for general working capital.

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