Yuan Heng Gas Plans Share Placement To Raise Up To HK$10.27 Million

Yuan Heng Gas (00332) said it has signed a placement agreement with a placing agent to sell up to 65.45 million new shares at HK$0.157 each, raising up to HK$10.27 million, according to ETNet. The placement price represents a discount of about 4.67% to the stock's HK$0.15 close on the previous day. The new shares will account for about 16.67% of the enlarged share capital and will be placed to no fewer than six independent placees. The company expects none of the placees will become a substantial shareholder, and it plans to use the net proceeds as general working capital.