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FINWIRES

Litian Pictures Raises HK$10 Million From Share Placement

-- Litian Pictures (HKG:9958) raised about HK$10.3 million in net proceeds from a placing of new shares under a general mandate, according to a Wednesday Hong Kong bourse filing.

Shares of the film production company were down nearly 2% in late morning trade on Thursday.

The company issued 68 million new shares at HK$0.156 each, representing about 13.6% of its enlarged share capital.

Net proceeds will be used for general working capital for the group's existing business and are expected to be fully utilised by the end of the year, the company said.

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