Crown International (HKG:0727) agreed to allot and issue a total of 1,059,870,000 shares to seven subscribers at HK$0.088 apiece to raise gross proceeds of HK$93.27 million, a Monday bourse filing said.

The shares represent 16.67% of the property developer's enlarged issued share capital.

The firm will use proceeds from the issue for the expansion of its premium white spirit retail network, as well as for general working capital.