QPL INT'L to Raise HKD 9.2 Million via 57.744 Million Share Placement

QPL INT'L, a publicly listed company, has announced its intention to place up to 57.744 million placement shares at a price of HKD 0.16 per share. This placement is part of a broader strategy to raise capital and strengthen the company's financial position. The placement shares will be issued and allotted under the general mandate, with the placement agent aiming to secure at least six subscribers who are independent third parties.

The placement price of HKD 0.16 per share represents a discount compared to the closing price on the date of the placement agreement. This discount is intended to attract investors and ensure the successful placement of the shares. The company's board of directors, including independent non-executive directors, has approved the placement agreement, deeming it fair and reasonable under general commercial terms. The board believes that the placement will provide the company with an opportunity to raise additional funds, strengthen its financial position, and expand its shareholder base, thereby enhancing share liquidity.

Assuming all placement shares are successfully placed, the estimated total proceeds from the placement will be approximately HKD 9.2 million. After deducting placement commissions and other related expenses and professional fees, the net proceeds are expected to be around HKD 8.9 million. The company plans to use these net proceeds to upgrade and renovate its existing properties, factories, and equipment, as well as for general operating capital.

The placement is expected to result in the issuance of up to 57.744 million placement shares, which is approximately 20% of the company's issued share capital as of the date of the announcement. Post-placement, the issued share capital will increase to approximately 16.67%. This strategic move by QPL INT'L is aimed at securing the necessary funding to support its ongoing operations and future growth initiatives, ensuring the company's long-term sustainability and success.