China Ruyi (HKG:0136) is seen to gain HK$3.87 billion from the subscription and placement of shares, according to a Tuesday filing with the Hong Kong Exchange.
The digital content producer plans to sell 1,144,514,767 shares at HK$2.37 per share to not less than six investors under a subscription agreement. Sunshine Life intends to purchase up to 654,008,438, while TFI Investment will purchase up to 490,506,329 on behalf of TFI Explorer, the filing said.
Net proceeds from the share subscriptions, set at about HK$2.71 billion, will be used for the company's expansion, including purchases of scripts for dramas and copyrights of films and TV programs, and for working capital, among other uses.
Ruyi, through placement agent TFI Securities and Futures, will also issue up to 490,506,329 shares under a placement deal for net HK$1.16 billion, the filing said.
The company also plans to issue up to 2,500,929,509 shares under a general mandate, the filing said.
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