China Wood International (HKG:1822) approved of its proposed one-for-one rights issue to raise gross proceeds of around HK$45.6 million, a Monday Hong Kong bourse filing said.

The materials trader plans to issue 411,219,340 rights shares to qualifying shareholders at HK$0.111 apiece.

The shares represent 50% of the enlarged share capital of the company.

The first day of dealing in nil-paid rights shares is March 5, while the expected first day of dealings in fully-paid rights shares is March 26.