Xinming China Seeking HK$106 Million via Rights Offering

MT Newswires Live

02/20

Xinming China (HKG:2699) is looking to raise up to HK$106 million via a rights offering, according to a Hong Kong bourse filing Monday.

The property developer is offering six rights shares for every share held in the company at HK$0.188 each.

The company will offer a total of 563.6 million rights shares to eligible shareholders, representing 600% of its issued share capital and 85.71% as enlarged by the issue.

Unsold rights shares will be offered to outside investors.

The firm said the rights offering will help reduce the immediate financial burden of the firm.

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