BRIEF: Hongqiao raises $1.47 billion via share sale at 10% discount
Aluminum producer China Hongqiao Group Ltd. (1378.HK) said on Monday it sold 400 million shares in a top-up placement, representing approximately 4.03% of its enlarged share capital after the sale.
Priced at HK$29.20 per share, the placement represented a 9.6% discount to the company’s Monday closing price of HK$32.30 and a 12.46% discount to its five-day average price of HK$33.36, generating net proceeds of HK$11.49 billion ($1.47 billion).
The company plans to use the proceeds to develop and enhance its domestic and overseas projects, repay debts and supplement its general working capital.
Shares of Hongqiao opened 7.7% lower at HK$29.80 on Tuesday. The stock is up more than 150% over the past 52 weeks.
By Lau Chi Hang
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