[ET Net News Agency, 8 October 2021] Great Wall Terroir Holdings Limited (00524) said
the company proposes to raise approximately HK$26.26 million (before deducting
professional fees and other related expenses) by way of the rights issue, whereby
262,570,000 rights shares will be allotted and issued on the basis of one rights share for
every five shares held by the qualifying shareholders on the record date. The subscription
price of HK$0.10 per rights share, is payable in full upon application for the rights
shares under the rights issue by qualifying shareholders.
The estimated net proceeds of the rights issue, if fully subscribed, will be up to
approximately HK$25 million. The company intends to apply such net proceeds in (a)
approximately HK$2.1 million in and towards funding tender submissions, supplier deposits
and other payments necessary to the performance of projects that have been, and may be,
awarded to the telecommunication business; (b) approximately HK$10.8 million towards
repayment of outstanding loan in the principal amount of HK$10,500,000 from executive
director Mr Cheung Siu Fai and accrued interest thereon, which was drawn to finance the
acquisition; (c) approximately HK$5.1 million towards the general working capital of the
group, including operating expenses and administrative expenses, salary expenses and
rental expenses, and selling expenses; and (d) the remainder of approximately HK$7 million
towards future investment opportunities in businesses that can complement and/or expand
the group's core business. (RC)