Ocean Shores shareholder to place 17.7 million shares

Ocean Shores Group Ltd said its controlling shareholder, Classical Statue Ltd is proposing to place out 17.7 mln shares in the company at 1.00 hkd per share, and subscribe for 33 mln new shares in Ocean Shores at the same price. The 17.7 mln shares will be placed to a single placee, the company said in a statement. In addition, the company is proposing a one-for-one bonus issue. Net proceeds of about 32.5 mln hkd will be raised from the subscription, the company said in a statement. Of the total, about 15.5 mln hkd will be used as general working capital, 10 mln hkd to renew existing licensing rights and to purchase new licensing rights, and 7 mln hkd to repay bank borrowings and accoun

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