Zhong Jia Guo Xin Raises HK$40.75 Million in Fully Subscribed Rights Issue

Asia Resources Holdings Limited ( (HK:0899) ) just unveiled an update.

Zhong Jia Guo Xin Holdings Company Limited has completed a rights issue on the basis of two rights shares for every one existing share, with all 296,772,672 rights shares successfully placed or subscribed following a combination of shareholder take-up and a best-effort placing of unsubscribed shares. The fully subscribed offer raised gross proceeds of approximately HK$43.33 million and net proceeds of about HK$40.75 million, which the company plans to deploy primarily for repayment of trade and other payables, working capital for its Hong Kong operations, investment in a new water business project to deepen market reach and B2B redistribution, and the maintenance and licensing of its mining business, potentially strengthening its balance sheet and supporting operational and strategic initiatives across its core segments.

The most recent analyst rating on (HK:0899) stock is a Hold with a HK$0.21 price target. To see the full list of analyst forecasts on Asia Resources Holdings Limited stock, see the HK:0899 Stock Forecast page.

More about Asia Resources Holdings Limited

Zhong Jia Guo Xin Holdings Company Limited is a Bermuda-incorporated company listed in Hong Kong. Its businesses include a water-related segment that aims to broaden revenue streams with enhanced mass-market penetration and B2B redistribution, as well as a mining business that requires ongoing maintenance and licensing. The group also maintains a Hong Kong office that incurs staff, professional, rental and general administrative expenses.

Average Trading Volume: 352,072

Technical Sentiment Signal: Strong Sell

Current Market Cap: HK$80.13M

For detailed information about 0899 stock, go to TipRanks’ Stock Analysis page.