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Kafelaku Coffee to Raise HK$11 Million via Share Placement; Shares Jump 15%

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Kafelaku Coffee (HKG:1869) expects to raise about HK$10.8 million in net proceeds through a placing of new shares, according to a Wednesday Hong Kong bourse filing.

The company will place up to 282.1 million new shares at HK$0.039 each, a 17.02% discount to the last closing price of HK$0.047.

The shares represent about 16.7% of its existing issued share capital.

Net proceeds will be used for business operations and general working capital, including staff costs, office rental, and administrative and operating expenses.

Shares of the coffee chain operator surged 15% in recent trade.

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