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FINWIRES

Alco Raises HK$122 Million from Rights Issue

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Alco (HKG:0328) raised net proceeds of approximately HK$121.8 million from a four-for-one rights issue at a subscription price of HK$0.55 apiece, according to a Hong Kong bourse filing.

Valid applications were received for 103.0 million rights shares, representing 45.0% of the total shares offered under the rights issue. The remaining 126.1 million unsubscribed and unsold rights shares were subsequently placed at HK$0.55 per share.

The company said the proceeds will mainly be used for repayment of borrowings and finance costs, settlement of overdue payments to suppliers and service providers, market expansion and product design development, as well as general working capital.

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