FEG's Rights Offering Undersubscribed

MT Newswires Live

05/28

FEG Holdings (HKG:1413) said its previously announced rights offering was under subscribed, according to a Wednesday filing with the Hong Kong bourse.

The construction services provider's shares fell nearly 1% in late morning trade Thursday.

The company was looking to raise HK$33.5 million via the sale of up to 164 million rights shares priced at HK$0.214 each, but received acceptances for 83.6 million shares or 51% of the total.

The firm said it will now offer the remaining 80.4 million rights shares to external investors.

The offering was based on 1 rights shares for every 2 shares held in the company.

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