Fuxing intends to use the net proceeds from the proposed placement towards the investment in technological research and development and upgrades to its intelligent manufacturing equipment and assembly line.
Fuxing China Group has proposed the placement of 3 million new ordinary shares at 41.5 cents per share to raise $1.245 million.
The placement shares represent about 17.44% of the existing issued and paid-up share capital of the company which comprises 17,205,438 shares.
