South Manganese completes share placement, new substantial shareholder emerges

South Manganese Investment Limited announced the completion of its placing of 685,691,800 new shares under the general mandate on May 2, 2025. The shares were placed with Mr. Cheung Ming at a price of HKD0.21 per share, representing approximately 16.67% of the enlarged issued share capital. The placement generated net proceeds of approximately HKD140.97 million, with 95% earmarked for repayment of outstanding liabilities and 5% for general working capital. The completion of the placing results in Mr. Cheung Ming becoming a substantial shareholder of the company, holding approximately 16.67% of the total issued shares. The announcement also provided an updated shareholding structure, noting that existing major shareholders Youfu Investment Co., Ltd and Guinan Dameng International Resources Limited now hold approximately 24.17% and 18.87% respectively.