HKG:0544

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

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.