ABC Communications (HKG:0030) announced that it will place up to 400 million new shares at HK$0.25 per share, or HK$100 million in total.

The net proceeds of HK$95 million will be used by the company as to not less than 50% for financing acquisition and/or any other investment opportunities that may be identified; and not more than 50% for reduction of liabilities and/or for general working capital.

The placing price per share represents 9.09% discount over HK$0.275, the company's closing price yesterday. The new shares represent 38.44% of the company's enlarged issued share capital.