Yanion only raise HK$170 mln by selling 138 mln shares

Yanion International (0082) announced to have sold 137.6mln new shares to independent investors last Friday, raising HK$170 mln, which is less than previously announced 200mln shares. Directors of the company don¡¦t the less-than-expected sales of new shares will spell great influence to the operation and financial status of the company.

Among the raised HK$170mln, HK$140 will be used for business expansion and acquisition of fast-growing project and the rest will be used as operating capitals.

After completion of selling new shares, the stake of major shareholder Leung Wah Chai will be diluted from 23.7% to 16.3%.

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