KNT Holdings (HKG:1025) expects to raise HK$44.0 million by issuing up to 151,637,790 new shares to the qualifying shareholders based on three rights shares for every one share held as of Wednesday at HK$0.29 apiece, a Monday bourse filing said.

The number of right shares to be issued represents about 75% of the enlarged issued share capital of the company.

The estimated net proceeds from the issue are HK$41.6 million, which the company plans to use to diversify its existing manufacturing lines and to explore new business opportunities to diversify its income stream.

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