BRIEF: Breton raises $32 million via share placement at 15% discount
Ｍotor manufacturer Breton Technology Co. Ltd. (1333.HK) announced on Sunday that it plans to place up to 10 million new Hong Kong-listed H-shares, representing 3.98% of its enlarged H-share capital. The shares will be priced at HK$25.08 each, representing a 14.98% discount to the previous closing price, raising HK$251 million ($32 million).
The company said 70% of the proceeds will be used for overseas photovoltaic and energy storage projects, 15% will be used to repay interest-bearing borrowings and the remaining funds will be invested to develop, commercialize and pilot a multimodal large model-driven autonomous mining truck co-scheduling system.
Breton’s stock opened lower on Monday and closed at HK$27.92 by the midday break, down 5.36%. The stock has fallen more than 21% over the past month.
By Lee Shih Ta
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