Smart Finance App News, Tian Cheng Hldg (02110) announced that on August 27, 2024, the company entered into a placement agreement with the placement agent. The placement agent (as the company's agent) will use its best efforts to solicit no fewer than six placees (who, along with their ultimate beneficial owners, must be independent third parties) to subscribe for up to 33.12 million shares at a placement price of HK$0.1 per share.

The placement shares represent 11.04% of the enlarged share capital of the company. The placement price represents a discount of approximately 4.8% to the closing market price of HK$0.105 per share on August 27, 2024, as reported on the Stock Exchange.

Assuming all placement shares are fully placed, the total proceeds from the placement will be approximately HK$3.3 million. The net proceeds (estimated to be approximately HK$3.1 million after deducting all related expenses associated with the placement (including but not limited to placement commissions, legal expenses, and advances)) are intended to be used by the company for general working capital of the group.