FDB Holdings (01826) announced a non-underwritten rights issue to raise as much as HK$79.90 million before expenses. Shareholders registered on 6 July 2026 (“Record Date”) may subscribe for one Rights Share at HK$0.10 for every two existing shares held, representing:
• a 20.6% discount to the HK$0.126 closing price on 29 May 2026 (Last Trading Day); • a 14.8% discount to the theoretical ex-rights price of HK$0.117; and • about a 6.9% theoretical dilution effect.
The offer comprises up to 799.20 million new shares, equal to 50.00% of the existing share capital and 33.33% of the enlarged share base of 2.40 billion shares, assuming full take-up and no other share changes. Net proceeds, estimated at HK$79.10 million after roughly HK$0.80 million in expenses, are earmarked primarily for:
• 35% (HK$27.70 million) – upfront performance-bond payments for overseas EPC projects; • 35% (HK$27.70 million) – project capital support and early-stage construction costs; • 10% (HK$7.90 million) – establishment and maintenance of overseas and on-site offices; • 10% (HK$7.90 million) – expansion of project management and engineering headcount; • 10% (HK$7.90 million) – general working capital.
No minimum subscription level applies. Any Rights Shares not taken up (“Unsubscribed Rights Shares”) and those relating to any overseas shareholders (“NQS Unsold Rights Shares”) will be placed by Gransing Securities on a best-efforts basis between 24 July and 31 July 2026. Premium proceeds, net of expenses, will be distributed to relevant shareholders, while any unplaced shares will be cancelled, reducing the issue size accordingly.
Key dates include trading in nil-paid Rights Shares from 9–16 July 2026, final acceptance and payment deadline on 21 July 2026, results announcement on 5 August 2026, and commencement of trading in fully-paid Rights Shares on 7 August 2026.
Post-issue, major shareholders’ stakes will remain unchanged if fully subscribed: Masterveyor Holdings 27.16%, Wodafeng Ltd. 24.58%, Gentle Soar 13.12%, public float 35.14%. Should no existing shareholders subscribe and all placed shares be sold, public float could rise to 33.33%, diluting current holdings proportionally.
The company reported audited consolidated net liabilities of HK$22.94 million at 31 December 2025. Pro forma calculations indicate net tangible assets would shift to HK$96.04 million after February’s HK$39.92 million share placement and full completion of the rights issue.
FDB Holdings cites the need for capital to fund overseas energy and digital infrastructure EPC projects—particularly an anticipated USD50 million power-plant contract in Kazakhstan—and to strengthen its balance sheet following a HK$22.40 million net loss in FY2025.