Oct 9, 2014 - China Ruifeng Renewable Energy (HKG:0527) said Tuesday it has raised HKD 208 million (USD 26.8m/EUR 21m) in gross proceeds after completing a planned share issue.
The firm is active in the production of diodes and wind turbine blades as well as in the construction of wind farms and power grids. Ruifeng previously said it intends to use the net proceeds of some HKD 207 million for working capital and to pay back outstanding debts.
The placing agent Haitong International Securities Co Ltd sold the 208 million new Ruifeng shares to no less than six subscribers at HKD 1.00 apiece. Combined, the new stock represent approximately 16.65% of the company’s total share capital following the issue.