Tem Fat down 39% over Cheung Kong & Hutchison $186mln investment

Cheung Kong Holdings (0001) and Hutchison Whampoa (0013) will invest HK$186mln in the Tem Fat group, winding up with 10.98% and 6.41% respectively of gold refiner and trader Tem Fat Hing Fung (Holdings) Ltd. (0661) assuming full conversion of preference shares. Cheung Kong and Hutchison held 12.88% and 7.47% respectively of Tem Fat's gold refining associate RNA Holdings (0501), assuming full conversion of their RNA bonds into stock. Tem Fat's stake in RNA would fall to 30.27% from 37.84%.Cheung Kong will subscribe for HK$62.6mln in shares and/or preference shares of Tem Fat and HK$53.9mln of RNA convertible bonds. Hutchison will subscribe for HK$37.4mln in shares and/or preference shares of Tem Fat and HK$32.1mln of RNA convertible bonds. Tem Fat Hing Fung and Can Do will continue as listed companies.

Related stock : (NIL)