Property firm Crown aims to raise HK$230m in share placement
Crown International plans to raise HK$230.28 million from a placement of new shares at a 16 per cent discount to the stock’s average closing price over the past five trading days.
Mainland hotel and property owner Crown International plans to raise HK$230.28 million from a placement of new shares at a 16 per cent discount to the stock’s average closing price over the past five trading days, it said on Wednesday morning.
The company will issue 330.34 million placing shares at 70 HK cents, a 19.5 per cent discount on the stock’s last closing price of 87 HK cents. The placing shares represent 18.06 per cent of the existing issued ordinary share capital and 15.3 per cent if the issue proceeds, Crown said in statement to the stock exchange on Wednesday.
The net gain after expenses of just under HK$1 million is estimated at HK$230.28 million and will be used for general working capital.
Trading in Crown International shares was halted at 9am on Wednesday. The firm has applied to the Hong Kong stock exchange to resume trading on Thursday, the statement said.