Kingland Group Seeks Nearly HK$153 Million via Rights Offering

MT Newswires Live

03/09

Kingland Group (HKG:1751) said it was seeking up to HK$152.9 million via a rights offering, according to a Hong Kong bourse filing Friday.

Shares of the concrete demolition service firm fell over 1% in late morning trade Monday.

The firm is offering 1 new share for every 3 shares held in the company at HK$1.58 apiece.

The company has a total of 96.8 million rights shares on offer.

Unsubscribed shares will be offered to external investors.

Funds raised will primarily be used to post certain performance bonds in existing engineering agreements.

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