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Southwest Securities International to raise up to HK$159.9M in rights issue

Southwest Securities International Securities Ltd. plans to raise about HK$159.9 million before expenses in its proposed rights shares issue.

The company plans to issue 1,220,610,204 rights shares at the subscription price of 13.1 cents per share, according to a Feb. 20 release. Shareholders will receive 1 rights share for every 2 existing shares held as of the March 27 record date. After deducting expenses, the estimated net proceeds of the rights issue would be approximately HK$158.1 million.

The company plans to use net proceeds for the development of its corporate finance and asset management businesses and as general working capital.

Ever Joy Securities Ltd. is the underwriter for the issue.