Wan Kei Group (HKG:1718) is proposing a one-for-one rights issue at a subscription price of HK$0.2 apiece to raise gross proceeds of around HK$23 million, a Jan. 17 Hong Kong bourse filing said.

The firm will issue up to 115.2 million rights shares, representing 50% of its enlarged issued share capital, to qualifying shareholders, subject to shareholder approval.

The construction and engineering company will use proceeds from the rights issue for general working capital, in particular for the funding of the construction segment.