CN INT DEV CORP (00264) plans to offer a discount of approximately 19.46% on its rights issue, raising a maximum net amount of around 52.02 million Hong Kong dollars.

CN INT DEV CORP (00264) announced that on February 21, 2025, the company plans to issue up to 30 million shares, equivalent to approximately 6.63% of the enlarged issued share capital. The issue price for the shares is HK$1.78 per share, representing a discount of approximately 19.46% from the closing price of HK$2.21 per share on February 21. After the completion of the issue, the expected maximum gross proceeds and net proceeds from the issue are approximately HK$53.4 million and HK$52.02 million respectively. The company intends to use the net proceeds of approximately HK$52.02 million from the issue to bolster general working capital and enhance the financial position of the group. Approximately HK$18 million will be used to purchase materials, equipment, and cost related to leather manufacturing and leather and automotive engine extension clean services; about HK$18 million will be used for general working capital of the group, including rental payments, employee costs, professional fees, and other general administrative and operational expenses; approximately HK$11.5 million will be used to repay outstanding payables; and the remaining approximately HK$4.52 million will be used for the group's other general working capital needs.