South Manganese Investment announces share placement to raise capital

South Manganese Investment Limited (HKEX:1091) has announced a placing of new shares under a general mandate, aiming to raise approximately HK$180.44 million after expenses. The company will place a maximum of 822,830,160 new shares at a price of HK$0.224 per share, representing a discount to the recent trading price. The placing is expected to strengthen the Group's financial position, reduce financial leverage, and enlarge its shareholder base. The proceeds from the placement will be used to repay the Group’s outstanding bank borrowings. Prudential Brokerage Limited is acting as the placing agent. Completion of the placing is subject to customary conditions, including listing approval from the Stock Exchange.