REF Holdings (01631) announced a placement at HKD 0.457 per share, representing a discount of approximately 19.82% to the last closing price of HKD 0.57.

The maximum number of placement shares is 51.2 million, equivalent to approximately 16.67% of the enlarged issued share capital.

The estimated total proceeds from the placement and the net proceeds are approximately HKD 23.4 million and approximately HKD 22.71 million, respectively.

The proceeds will be used for leasing a new office in Central and related public facilities, as well as additional employee costs required for operational expansion