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Sunwah Kingsway Capital to raise HK$142.2M via offer shares

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Sunwah Kingsway Capital to raise HK$142.2M via offer shares

Sunwah Kingsway Capital Holdings Ltd. plans to raise HK$142.2 million via an issuance of offer shares to qualifying shareholders.

The company is looking to issue 1,380,326,220 offer shares at 10.3 cents per share on the basis of one offer share for every four existing shares.

Sunwah Kingsway Capital said the open offer will enable the company to increase its capital base without diluting the stakes of shareholders who take up in full their entitled offer shares. It noted that stakes of shareholders who do not take up the offer shares that they are entitled to will be diluted.

The net proceeds from the issuance will be used to expand the company's lending business in Hong Kong and China and to invest in fixed income prosecutors, as well as for general working capital.