Simsen International Corporation Limited (HKG:0993) announced that it has agreed to place up to 109.12 million new shares at a price of HK$0.156 per placing share, a discount of approximately 19.59% to the closing price of HK$0.194 per share as quoted on the stock exchange yesterday, for a total of HK$17.023 million.

The net proceeds of approximately HK$16.45 million from the placing will be used for general working capital of the group and in the event that the company identifying any investment opportunities, such as companies engaged in pawn loan services disclosed before, the said proceeds will be utilized to finance the consideration for such acquisition.

Placing shares represents 16.67% of the company’s entire issued share capital as enlarged by the placing shares.

Source:chinesestock.org