Yues International (HKG:1529) plans to issue up to 533,664,000 rights shares at HK$0.13 per share, according to a Tuesday filing with the Hong Kong bourse.
The rights shares will be issued on the basis of four rights shares for every one existing share held on the record date, the filing said.
Net proceeds of the issuance, set at HK$67.6 million, will be used to fund its newly developed goat milk business. They will also be used to build warehouses for traditional Chinese medicine and to fund general working capital.
The rights shares will represent 80% of Yues International's total share capital as enlarged by the issuance.
The logistics company's shares plunged 13% during Tuesday's afternoon trading.
Price (HKD): $0.15, Change: $-0.022, Percent Change: -13.02%
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