Shougang Concord raises HK$92 mln by placement

Shougang Concord International Enterprises (0697) declared that it placed 200 mln new shares at HK$0.46 each by the top up placing through its shareholding company Jasmine Group to raise HK$92 mln, of which the net amount of HK$90 mln would be used to repay partial of convertible bonds mature on Nov. 12 or used as extra operational capital.

The placing price of HK$0.46 was 16.36% discount of the closing price yesterday and 7.91% discount of the average closing price in the previous 10 trading days, while the placed shares accounted for 9.53% of the expanded shares. Jasmine Group reduced its shareholding from 39.25% to 35.51% after the deal.

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