Amax to raise $1 million


Amax Holdings Ltd. plans to place up to 9.6 million new shares at a price of 83 Hong Kong cents a share. If SBI E2-Capital Financial Services Ltd. is able to place all the shares, Amax would raise a net HK$7.85 million ($1 million) which it plans to use for general working capital. The fundraising would reduce the stake of Ng Man-sun, chairman and chief executive, to 21.78 percent from 22.78 percent.