King Wan Corporation has raised $6.98 million in gross proceeds through its rights issue.

The company, on March 31, proposed a renounceable non-underwritten rights issue of up to 349.18 million new shares at an issue price of 2 cents per rights share.

On Sept 7, King Wan announced that it had received applications for 616.05 million rights shares, representing 176.4% of the 349.18 rights shares available.

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