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FINWIRES

Daido to Raise HK$11 Million via Share Subscription; Shares Rise 14%

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-- Daido Group (HKG:0544) aims to raise net proceeds of about HK$11.4 million through a subscription of new shares under its general mandate, according to a Monday Hong Kong bourse filing.

Shares of the warehouse, logistics, and trading company rose nearly 14% in morning trade Tuesday.

The company agreed to issue about 5.8 million subscription shares at HK$2.00 each.

The subscription price represents a premium of about 13.6% to the stock's last close and about 14.3% to the five-day average closing price, the filing showed.

Proceeds will be used mainly for debt repayment and general working capital.

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