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China Hongguang (08646) plans to issue 99 million shares to Bright Global at a discount of about 13.04%.

Zhitong Finance ·  {{timeTz}}


Zhitong Financial App News, China Hongguang (08646) announced that on May 17, 2022, the company plans to issue 99 million subscription shares to Bright Global, accounting for about 24.81% of the enlarged share capital; each subscription share is HK $0.40, a discount of about 13.04% from the closing price of the day.


The net income from share subscriptions is about HK $39.25 million, 60 per cent of which is used to maintain and operate existing business (including purchasing raw materials, upgrading and purchasing production equipment to improve efficiency and quality and repaying loans); 30 per cent is used for potential acquisitions and the development of new business; and 10 per cent is used for general working capital of the group.


As at the date of this announcement, Bright Global holds approximately 50.25% of the issued share capital of the company. Immediately after completion, Bright Global's stake in the company increased to 62.59%.

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