BRIEF: Time Interconnect raises $209 million in share placement at 15% discount
Wire components provider Time Interconnect Technology Ltd. (1729.HK) said on Tuesday it raised HK$1.64 billion ($209 million) through a placement of 108 million new shares, representing 5.16% of its enlarged share capital. The placement price of HK$15.22 per share represented a roughly 15% discount to Monday’s closing price of HK$17.9.
About 50% of the proceeds will be used for strategic investments and acquisitions, while 30% will support the company’s global business expansion. The remainder is earmarked for working capital and general corporate purposes.
Shares of Time Interconnect opened down 1.7% at HK$17.60 on Tuesday. The stock is up more than fivefold from its 52-week low.
By Lau Chi Hang
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