In order to replenish working capital and support the acquisition of the entire shares in Shanghai Biofit Environmental Technology, Dongwu Cement International plans to raise around HKD 51.30 million (€5.88 million/US$6.62 million) in net proceeds through the placement of shares worth around HKD 52 million.
As much as 40 million new shares or 7.25% enlarged issued share capital of the China-based cement and clinker producer will be placed at a price of HKD 1.3 apiece.
The shareholding of Goldview Development in Dongwu Cement will be reduced from 58.11% to 53.89% after the shares placement.
