GCL-Poly Energy Holdings, together with its subsidiaries, has successfully placed 1.3 billion new shares at HK$2.83 per share to raise HK$3.68 billion.This news comes after the company announced its 100% take-over at Jiangsu Zhongneng.
Upon completion of the share placement, the number of shares in issue will increase from 11,062,746,214 to 12,362,746,214 shares.
The placing will enable GCL to broaden its shareholding base and enhance its financial status. The proceeds raised will mainly be applied to reduce the company’s debt level and to further strengthen the company’s capital structure in order to make room for new business developments.