Mayer Holdings (HKG:1116) has agreed to place up to 185 million shares, representing 16.63% of its enlarged issued share capital, at HK$0.11 per share, or HK$20.35 million in total. The placing price per share represents 10.57% discount over HK$0.123, the stock's last trading price before suspension of trading.

The company intends to use the net proceeds of HK$19.7 million as general working capital or to finance any future investment opportunities to be identified.

Trading in the company's shares remains suspended.