Century Group International To Raise HK$43.5 Million Via Share Placement

Century Group International (02113) said it has agreed with four independent third parties to issue about 161 million new shares at HK$0.27 each, raising HK$43.5 million, according to ETNet. The placement price represents a discount of about 19.4% to Wednesday's close of HK$0.335. The new shares will account for about 16.7% of the enlarged share capital. The four subscribers are Fu Shanghui, Yao Zhichao, Ren Kaifeng and Ru Xintong, each taking a 4.17% stake. Net proceeds will be used for reconstruction, renovation, alteration and fitting-out projects, as well as to strengthen liquidity and the capital base and improve the company's ability to bid for similar new projects.