MSCTECH (01632) has completed the subscription of new shares in accordance with the subscription agreement.

MSCTECH (01632) announced that, as the preconditions set out in Subscription Agreement 1 have been met, the subscription matters under Subscription Agreement 1 will be completed on November 18, 2024 in accordance with the terms and conditions of Subscription Agreement 1. The total subscribed shares under Subscription Agreement 1 will account for approximately 2.24% of the existing issued share capital of the company as of the date of this announcement; and approximately 2.19% of the enlarged issued share capital of the company after the issuance of 20 million subscribed shares. The total amount raised from completing Subscription Agreement 1 will be HK$10 million. After deducting professional fees and all related expenses, the net proceeds will be approximately HK$9.5 million, equivalent to a net subscription price of approximately HK$0.48 per share. The company plans to use the net proceeds for the development of renewable energy technology business.