RETAIL | Staff Reporter, Hong Kong

Man Wah raises $2.38b in new share sales

The new funding will be used to further business development.

Home furnishing group Man Wah Holdings Limited has raised $2.38b from placement of 150 million shares at $15.85 per share.

The company will use the funds to expand their manufacturing facilities in China, digitize its new retail business, and increase the number of their stores. The expansion is part of the group's confidence in China’s sales market prospects and demand.

The issued 150 million placement shares represent 3.94% of the group’s total existing issued shares and approximately 3.79% of the total enlarged issued shares. The placement price at $15.85 per share was estimated to represent a discount of approximately 5.3% to the average closing price of approximately $16.74 per share quoted on the Stock Exchange over the past five consecutive trading days prior to and including the last trading day.

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