Amax completes $1 million fundraising


Amax Holdings Ltd. raised a net HK$7.85 million ($1 million) by placing 9.6 million shares, at a price of 83 Hong Kong cents a share, with six investors who the company said are independent third parties who would not become substantial shareholders through their purchases. The fundraising reduces the stake of Ng Man-sun, chairman and chief executive, to 21.87 percent from 22.88 percent.