Shougang Century Announces Major Rights Issue

Shougang Concord Century Holding Ltd. (HK:0103) has released an update.

Shougang Concord Century Holdings Ltd. has announced a proposed rights issue aimed at raising approximately HK$129.25 million before expenses, offering one new share for every five existing shares at HK$0.33 each, exclusively to qualifying shareholders. The net proceeds, estimated at around HK$128 million after expenses, are intended for general working capital and loan repayment. Despite the rights issue being non-underwritten, with no minimum subscription level, Fair Union has irrevocably committed to subscribe fully to its provisional entitlement, and Mr. Zhao has also undertaken to subscribe for his entitlement and additional shares to potentially increase his shareholding to around 10.42%.

For further insights into HK:0103 stock, check out TipRanks’ Stock Analysis page.