Far East Holdings International (HKG:0036) raised net proceeds of around HK$69.6 million from a rights issue, according to a Tuesday disclosure with the Hong Kong bourse.
The property investor received 24 applications for 135,618,927 rights shares, representing 62.26% of the total number of rights shares allocated for the deal.
All the remaining 82,204,791, or 37.74%, shares were placed to at least six investors at HK$0.334 apiece.
Dealings in the newly issued rights shares are expected to begin on Feb. 13.
The firm will use around 63% of the proceeds from the issue to partially repay a loan due to Chu Yuet Wah, a substantial shareholder of a unit, with the remaining 37% to be used for general working capital.
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