Tiancheng Holdings (02110) plans to discount about 29.31% to issue shares according to the “1 for 3” basis

Zhitongcaijing · 1d ago

According to the Zhitong Finance App, Tiancheng Holdings (02110) announced that the company proposes to issue shares at HK$0.463 per share according to the “1 for 3” basis, a discount of about 29.31% from the closing price of HK$0.655 per share reported on the Stock Exchange on the last trading day.

Assuming that the stock offering is fully subscribed, it is estimated that the maximum amount of proceeds from this share offering and the net proceeds after deducting related expenses will be approximately HK$60 million and HK$56.62 million respectively. Approximately 35.3% will be used as an upfront deposit and initial working capital required for the execution of potential civil engineering contracts currently under negotiation. It is expected that all of the relevant funds will be used by February 28, 2027; approximately 58.3% will be used for business development and expansion of the Marine Construction Division and/or other civil engineering divisions; and approximately 6.4% will be used as the Group's general working capital.