CROCODILE (00122) plans to discount approximately 22.68% on the basis of "2 for 1" and issue new shares, with a maximum net amount raised of about HK$51.6 million.

CROCODILE (00122) announced that the company proposes a rights issue, issuing up to approximately 35.53 million new shares to eligible shareholders on the basis of "2 for 1". The rights issue price is HK$1.50 per share, which represents a discount of approximately 22.68% compared to the closing price of HK$1.94 per share on the last trading day on the Stock Exchange. This rights issue aims to raise up to approximately HK$53.29 million (before expenses). Assuming all the rights issue shares are subscribed, the net proceeds from the rights issue will be approximately HK$51.60 million, which will be used to repay the group's bank borrowings and pay interest.