Du Fu Brewery Group Plans Up To HK$6.7 Million Share Placement

Du Fu Brewery Group (00986) said it has signed a placement agreement with a placing agent to sell up to about 25.894 million new shares at HK$0.26 each, raising up to HK$6.7 million, according to ETNet. The placement price is the same as the stock's closing price 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.