HOLIAN Investments has placed 80 million new shares at 57 cents each to an existing shareholder, William Chan Pak-to, to raise a total of $45.4 million.
This will increase Mr Chan's stake in the company from 9.5 per cent to 24.5 per cent, rendering him the single largest shareholder.
The share price represents a 10 per cent discount to the closing price of 63 cents on December 24, while the new shares represent approximately 20 per cent of the existing issued share capital.
Mr Chan's principal business interests include property development and investment, manufacture of construction materials and marketing of office furniture. He also has extensive business contacts in China.
Holian intends to invite Mr Chan to join its board on completion of the placement.