Teamway’s Rights Issue Raises HK$14.67M

Teamway International Group Holdings Limited (HK:1239) has released an update.

Teamway International Group Holdings Limited’s Rights Issue was under-subscribed by approximately 32.23%, leading to the placement of all unsubscribed shares to independent placees at the same subscription price, with no net gain for non-participating shareholders. The Rights Issue, now unconditional, raised about HK$15.78 million in gross proceeds, with net proceeds of approximately HK$14.67 million intended to repay liabilities and for general working capital. The company’s strategic financial move has also resulted in a new substantial shareholder.

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