AKM Industrial Company Limited (SEHK:1639) announced a private placement of 303,900,000 common shares at a price of HKD 1.5 per share for gross proceeds of HKD 455,850,000 on November 29, 2017. The transaction will include participation from new investor Suzhou Anjie Technology Co., Ltd (SZSE:002635) for 200,000,000 shares for gross proceeds of HKD 300,000,000 to acquire 13% stake and Anli Industrial Co., Ltd. for 103,900,000 shares for gross proceeds of HKD 155,850,000. The company signed a share subscription agreement with the investors.

Post the closing, Anli Industrial Co., Ltd. stake will increase from 36.46% to 36.01% in the company. The security issued is subject to a hold period of 12 month. The transaction has been approved at the 20th meeting of the 3rd directorate by the investor.

The transaction does not need the approval from the shareholders.