AustAsia Group's Rights Issue Oversubscribed; Shares Rise 3%

MT Newswires Live

08/05

AustAsia Group (HKG:2425) said its previously announced 2-for-5 rights issue was oversubscribed, according to a Monday Hong Kong bourse filing.

Shares of the dairy farmer rose over 3% in recent Tuesday trade.

The firm said it received valid acceptances and applications for around 370.6 million shares versus the 280.2 million rights shares on offer, representing an oversubscription of 32%.

The firm said it issued the 280.2 million rights shares at HK$1.12 each to raise HK$308.8 million in net proceeds.

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