Intercontinental Aerospace Science and Technology (01725) plans to discount about 18.54% and place 71.524 million subscription shares to raise about HK$87.14 million

Zhitong Finance App News, Intercontinental Aerospace Technology (01725) issued an announcement. On October 18, 2024, the company signed two subscription agreements with the two subscribers. The company has agreed to allocate and issue, and the two subscribers have conditionally agreed to subscribe for a total of 71.524 million subscription shares, which is equivalent to about 14.20% of the company's total issued share capital expanded through the issuance of subscription shares (assuming there is no change in the company's issued share capital from this announcement until the completion of the subscription matters). The subscription price of HK$1.23 per share was discounted by approximately 18.54% from the closing price of HK$1.51 per share as reported on the Stock Exchange on October 18.

The net proceeds will be approximately HK$87.14 million (after deducting subscription expenses), equivalent to a net issue price of approximately HK$1.22 per subscribed share. The directors intend to use the net proceeds of the subscription for the general working capital of the Group, including but not limited to administrative expenses for the company's continuing operations and operating expenses of the Group's aerospace business.