Ruifeng Petroleum Chemical Holdings (HKG:8096) has agreed to place, by way of top-up placing, up to 43.672 million shares, representing 1.08% of the issued share capital of the company, at HK$0.229 per share.

The gross proceeds and the net proceeds from the placing are estimated to be HK$10 million and HK$9.65 million. HK$6 million of the net proceeds will be used for the repayment of loans and the remaining HK$3.65 million will be used as general working capital of the group.

The placing price represents a discount of 19.65% to the closing price of HK$0.285 per share yesterday. The shareholding of Inno Smart Group Limited, a substantial shareholder of Ruifeng, will decrease from 46.9% to 46.4%.