CONTEL (01912) announced that all conditions of the placement agreement have been fulfilled, and the placing agent has successfully placed a total of 220 million placement shares. The placement was completed on October 10, 2025.

The placement shares were allotted and issued to no fewer than 6 placees at the placement price of HK$0.065 per share in accordance with the terms and conditions of the placement agreement, representing approximately 16.67% of the enlarged issued share capital of the company following the completion of the placement.

To the best knowledge, information and belief of the directors after making all reasonable enquiries, each of the placees and their respective ultimate beneficial owners are independent third parties. None of the placees has become a substantial shareholder (as defined in the Listing Rules) immediately following completion of the placement.

The net proceeds from the placement amount to approximately HK$12.83 million. The company intends to apply the net proceeds from the placement as follows: (i) not less than HK$10 million for repayment of the Group's debts; and (ii) the remaining amount as general working capital of the company.