HP LIVING TECH (01682) plans to carry out a 1-for-1 rights issue, aiming to raise a net amount of up to HK$64.9 million.

HP LIVING TECH (01682) announced that the company recommends a basis of 1 rights share for every 1 share held as of the record date, at a subscription price of HK$0.085 per rights share. The company intends to raise a maximum amount of approximately HK$66.8 million (excluding expenses) through the issuance of up to 786 million rights shares. The net proceeds from the rights issue are estimated to be approximately HK$64.9 million at most. Assuming full subscription of the rights issue and no change in the number of issued shares as of the record date or earlier, the company intends to utilize the net proceeds from the rights issue as follows: (i) approximately 44.0% for expanding the group's existing garment procurement business; (ii) approximately 44.0% for expanding the group's existing financial services business; and (iii) approximately 12.0% for general working capital of the group.