CN INT DEV CORP plans to issue up to 15 million placement shares at a discount of approximately 16.27%, raising about HKD 25.55 million
CN INT DEV CORP plans to place up to 15 million shares at a price of HKD 1.75 per share, representing a discount of approximately 16.27%, with expected net proceeds of about HKD 25.55 million. The proceeds from the placement will be used to enhance financial conditions and for general working capital, including purchasing materials, paying rent, and employee costs
According to the announcement from CN INT DEV CORP (00264), on September 30, 2025 (after trading hours), the placement agent entered into a placement agreement with the company, under which the placement agent conditionally agreed to act as the company's agent on a best-efforts basis to facilitate the subscription of up to 15 million placement shares by no less than six subscribers (who and their ultimate beneficial owners are all independent third parties) at a placement price of HKD 1.75 per placement share. The placement shares will be issued and allotted under the general mandate granted to the directors at the annual general meeting held on June 3, 2025.
Assuming there is no change in the company's issued share capital from the date of this announcement until the completion of the placement, the maximum number of placement shares under the placement will represent approximately 3.25% of the company's enlarged issued share capital after the placement shares are allotted and issued. The total nominal value of the maximum number of placement shares under the placement will be HKD 150,000. The placement price of HKD 1.75 per placement share represents a discount of approximately 16.27% to the closing price of HKD 2.09 per share reported on the Stock Exchange on September 30, 2025.
Upon completion of the placement, the net proceeds from the placement (after deducting placement commissions and all related expenses) are expected to be approximately HKD 25.55 million. Based on this, the net issue price will be approximately HKD 1.70 per placement share. The company intends to use the net proceeds of approximately HKD 25.55 million from the placement to replenish general working capital and enhance the group's financial position, of which (i) approximately HKD 6.06 million will be used to purchase materials, equipment, and costs related to leather manufacturing and cleaning services for leather and motor vehicle engines; (ii) approximately HKD 13.69 million will be used as general working capital for the group, including paying rent, employee costs, professional fees, and other general administrative and operating expenses; (iii) approximately HKD 2.94 million will be used to repay outstanding payables; and (iv) the remaining approximately HKD 2.86 million will be used for new business development opportunities
