Acme International (HKG:1870) completed the placement of 124.8 million shares to at least six investors at HK$0.138 apiece to raise net proceeds of HK$16.4 million, a Wednesday filing with the Hong Kong bourse said.

The shares represent roughly 16.67% of the design and build solutions company's enlarged issued share capital.

The firm will use proceeds from the issue to develop its electricity trading business, expand its existing renewable energy solution business in New Zealand, develop potential green power energy projects in China and overseas, and for general working capital.