FAR INTL (02516) proposes to issue rights shares on a "5-for-2" basis at a discount of approximately 66.67%, aiming to raise a maximum net proceeds of approximately HK$72.74 million.

FAR INTL (02516) announces that the Company proposes to issue 374.4 million rights shares to qualified shareholders on a "5-for-2" basis at HK$0.20 per rights share, representing a discount of approximately 66.67% to the closing price of HK$0.6 per share as quoted on the Stock Exchange on the last trading day. The maximum gross proceeds from the rights issue are expected to be approximately HK$74.88 million, with net proceeds of approximately HK$72.74 million. Approximately 55.0% will be used for research, development and enhancement of AI capabilities and automated processing capabilities of the Group's domestic and overseas warehouses; approximately 45.0% will be used to expand the Group's overseas warehousing network in the United States. Based on Cope's existing seven-warehouse network in the United States, the Group plans to expand its geographical coverage and increase total warehouse floor area to support its business growth, including adding warehouses in Chicago, Houston and Seattle.