OCEAN STAR TECH (08297) proposes to place up to 259 million shares at a discount of approximately 18%, raising net proceeds of approximately HK$10.22 million.

OCEAN STAR TECH (08297) announces that on September 18, 2026 (after the trading hours of the Stock Exchange), the Company entered into a placing agreement with the placing agent, pursuant to which the Company has conditionally agreed to place, through the placing agent on a best-efforts basis, up to 259 million placing shares at a price of HK$0.041 per placing share to not fewer than six placees, and such placees and their ultimate beneficial owners (if applicable) are all independent third parties. The maximum number of placing shares of 259 million shares represents (i) approximately 20.00% of the total number of all existing issued shares of the Company as at the date of this announcement; and (ii) approximately 16.67% of the total number of all issued shares of the Company as enlarged by the full allotment and issue of the placing shares, assuming that there is no change in the issued share capital of the Company during the period from the date of this announcement to the completion date. The aggregate nominal value of the maximum number of placing shares under the placing will be HK$2,587,300. The placing price of HK$0.041 per placing share represents a discount of approximately 18.00% to the closing price of HK$0.05 per share as quoted on the Stock Exchange on the date of the placing agreement. Upon completion, and assuming all placing shares are successfully placed by the placing agent, the maximum gross proceeds from the placing are estimated to be approximately HK$10.61 million, and the maximum net proceeds from the placing (after deducting placing commission, professional fees and all related expenses that may be borne by the Company) are estimated to be approximately HK$10.22 million, equivalent to a net issue price of approximately HK$0.0395 per placing share. The maximum net proceeds from the placing are intended to be applied as follows: (i) HK$5.11 million (or 50%) for supporting the working capital requirements of the Group's principal business; and (ii) HK$5.11 million (or 50%) for the general working capital of the Company.