Dongwu raises US$6.70m in private placement

Dongwu Cement International Ltd has completed a private placement of 40m shares at a price of HKD1.30 ($0.16) per share for gross proceeds of HKD52m (US$6.70m).

The company has agreed to issue up to 40 million shares at a price of HKD1.30 (US$0.16) per share to raise gross proceeds of HKD52m (US$6.70m) in a private placement.

The placing shares represent approximately 7.81 per cent of the existing issued share capital of the company and 7.25 per cent of the issued share capital of the company as enlarged by the allotment and issue of the placing shares.

Environmental technology firm acquisition
Meanwhile, the company said it had agreed to acquire the entire equity interest of Shanghai Biofit Environmental Technology Co at CNY32m. The target company is principally engaged in organic wastewater treatment, sludge treatment and disposal, comprehensive treatment of urban organic waste and other integrated environment services.