Kiu Hung Energy (HKG:0381) has agreed to place 200 million new shares at HK$0.06 per share, or HK$12 million in total, via a top-up placing. The company plans to use the net proceeds of HK$11.6 million as general working.

The placing price per share represents 15.49% discount over HK$0.071, the stock's closing price yesterday. The placing shares represent 3.35% of the company's enlarged issued share capital.

The shareholding of Legend Win Profits Limited in the company will fall from 13.3% to 12.86% after the top-up placing.