Zhitong Finance App News, Credit Insurance Global Holdings (00723) announced that on May 29, 2024, the company plans to place up to 1,823 billion shares, accounting for about 16.67% of the company's expanded issued common share capital. The placement price of HK$0.0193 per share was discounted by approximately 16.09% from the closing price of HK$0.023 per share on May 29.

Assuming that all of the shares placed have been sold, the total proceeds from the placement will be approximately HK$35.18 million, and the net proceeds from the placement will be approximately HK$34.34 million. The company plans to use the net proceeds as follows: 60% to expand the Group's timber supply chain business; and the remaining 40% as the Group's general working capital.