WAH Nam Group has agreed to place 198.7 million new shares to raise $29.7 million after expenses. It said it would place the shares at 15 cents each, representing a premium of 15.3 per cent to the stock's close of 13 cents yesterday. It said it was placing 53.7 million shares with Chau King-tak, 90 million with Chen Rongxi and 55 million with Kuang Xian-zhang, third parties not associated with the company. The new shares represented about 16.4 per cent of the company's existing capital, or 14 per cent of the enlarged capital, and would rank equally with the company's existing shares. Wah Nam said the issue would strengthen its financial position and its ability to undertake new projects. The proceeds would be used as working capital.