Synertone Communication (HKG:1613) is poised to raise nearly HK$21 million from a share sale to a new investor.
The company agreed to issue 74,176,000 shares at HK$0.28 apiece to Infinity Holding Resources, according to a Tuesday filing with the Hong Kong Exchange.
Upon completion of the subscription, Infinity Holding will gain a 16.53% stake in Synertone.
Deal proceeds will be allocated for expanding Synertone's smartphone distribution business, working capital, and future investments.
Synertone's shares surged 28% during Wednesday's trading.
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